Belong 7.5% Social Bonds due 2033

RCB Bonds PLC

27 May 2026

 

This is an advertisement and not a prospectus.

The information contained herein may only be released, published or distributed in the United Kingdom, the Isle of Man, Jersey and the Bailiwick of Guernsey in accordance with applicable regulatory requirements. The information contained herein is not for release, publication or distribution in or into the United States, Australia, Canada, Japan, South Africa, the European Economic Area or in any other jurisdiction where it is unlawful to distribute this document.

UK MiFIR retail investors, professional investors and ECPs target market - Manufacturer target market (UK MiFIR product governance) is eligible counterparties, professional clients and retail clients (all distribution channels).

27 May 2026

LAUNCH OF BELONG LIMITED 7.50% SOCIAL BONDS DUE 2033

RCB Bonds PLC ("RCB") announces the launch of the Belong Limited 7.50% Social Bonds due 2033 (the "New Bonds") secured on a loan to Belong Limited (the "Charity" or "Belong").

Belong previously raised £50m through RCB with the issue of 4.5% bonds due 2026 (the "2026 Bonds"), which helped it to grow its activities by financing the building of three new care villages. In 2025, Belong received a further loan from RCB made with the proceeds of RCB's issue of 7.50% social bonds due 2030, which enabled it to purchase and cancel £29m of the 2026 Bonds. It is now seeking to refinance the remaining £21m 2026 Bonds through the New Bonds.

About Belong

Established in 1991, Belong aims to provide high-quality, person-centred care, accommodation and ancillary services to over 1,000 older people across its eight care "villages" ("Belong villages") in the North West of England. One further site in Birkdale is in the final stages of construction and due to open later this year.

The Charity established the Belong village model after years of research and development to optimise outcomes for people with dementia. Its care villages provide a range of support and housing options for older people, as well as extensive amenities in the village centre, open to the public. They also offer outreach services for people living in their own homes in the wider community. Belong was one of the early pioneers of the "household living" model, where 24-hour care, including nursing care in an intergenerational community setting, is provided. Belong villages provide dementia and nursing care, independent living apartments and a full spectrum of care, from respite to end of life, enabling the Charity to adapt as residents' needs evolve. The model is a positive evolution on traditional, clinical and institutional care settings, promoting wellbeing through homely, smaller group living arrangements, surrounded by amenities such as restaurants, exercise facilities, communal areas, children's nurseries and entertainment outlets.

Its strong brand within local communities, built over 20 years, has seen Belong maintain robust occupancy levels across its villages. Occupancy of households for its seven established villages was over 96% for the financial year to 31 March 2026, while occupancy for apartments in the period was approximately 93%. Once Birkdale village is completed later this year, the Charity will have 638 Household and 221 Apartment places in operation, up from 566 and 191 respectively.

On average, approximately 66% of Belong's residents are privately funded, while the remainder are funded from public sources such as local authorities and the NHS's integrated care systems. Belong operates on a not-for-profit basis, so all funds available are invested back into the operations of the Charity to continually improve the experience for residents.

Belong recently provided a trading update for the year ended 31 March 2026, reporting continued strong performance in both occupancy and average fee rates. This was reflected in an 8.6% increase in turnover to £55 million and a 26% rise in EBITDA to £8.5 million.

The Charity has been assigned a long-term issuer rating of "BBB+" (stable outlook) by Fitch Ratings Limited ("Fitch") and, upon their issue, the New Bonds are expected to be assigned the same rating by Fitch.

Growing demand for modern care facilities

According to the Alzheimer's Society there are also currently around 982,000 people with dementia in the UK and this is set to increase to nearly 1.4 million by 2040.[1] With no cure, demand for settings where people with dementia are able to live comfortably and enjoy high-quality support is steadily rising.

The New Bonds

The New Bonds will be issued by RCB, a special purpose issuing vehicle created to connect charitable organisations seeking unsecured loan finance with investors looking for fixed income bonds listed on the London Stock Exchange. The funds raised will be loaned, via a loan agreement, to Belong.

The New Bonds are available to wholesale and retail investors and will pay a fixed rate of interest at 7.50% per annum until 2033, payable twice yearly on 18 June and 18 December of each year, with the first coupon payment being made on 18 December 2026. The New Bonds are expected to mature on 18 June 2033 with a final legal maturity on 18 June 2035.

At any time during the life of the New Bonds, investors are permitted to sell the New Bonds (within market hours and in normal market conditions) on the open market through their stockbroker.

The following financial intermediaries have been appointed by RCB and the Lead Manager to offer and distribute the Bonds during the Offer Period:

·      AJ Bell;

·      Hargreaves Lansdown; and

·      Interactive Investor.

Allia C&C is acting as Lead Manager (the "Lead Manager") on the issue of the New Bonds.

The New Bonds have a minimum initial subscription amount of £500 and are available in multiples of £100 thereafter.

The Offer Period is expected to close at 4pm on 12 June 2026. RCB retains the right to close the offer early, in conjunction with the Lead Manager. Notice will be given by the RNS should this occur.

The New Bonds are expected to be listed on the UK Financial Conduct Authority's Official List and admitted to trading on the London Stock Exchange's main market on or around 19 June 2026.

Martin Rix, Chief Executive of Belong, commented: "This issue marks another important step in our strategy to proactively manage our balance sheet, enabling Belong to remain firmly focused on its core mission of creating vibrant communities that deliver exceptional care, independence and quality of life for older people. We work hard to achieve this and to do this in an effective and sustainable way because, as a charity, every pound of surplus we generate is reinvested into enhancing the quality of our pioneering care villages and services."

Adrian Bell, CEO of Allia C&C, said: "Building on the success of last year's issue, we are pleased to once again offer both new investors and existing bondholders the opportunity to support this bond issuance. Belong continues to distinguish itself as a pioneer in delivering quality care for older people, while maintaining strong operational and financial performance.

"With a credit rating of BBB+ combined with the charity's meaningful social impact, these bonds present a compelling opportunity for investors seeking stable, attractive returns alongside positive social outcomes."

John Tattersall, Chair of RCB Bonds PLC, added: "We are proud to launch our sixteenth bond series, a milestone that reinforces our commitment to helping leading charities secure the financing they need to deliver meaningful social impact. Since inception, RCB has issued £477 million in bonds in support of this mission. Investors can take confidence in knowing their capital is contributing to essential societal needs that touch many lives."

-ENDS-

For enquiries, please contact:

FTI Consulting Dido Laurimore Ellie Sweeney Neel Bose	Tel: [phone]
Allia C&C Henrietta Podd	Tel: [phone]

About Belong Limited

Belong Limited was established in 1991 to provide high quality, person-centred care, accommodation and ancillary services to older people. The vision of the Charity is that by operating a continually improving and innovative care model that integrates services, housing and community, the Charity aspires to redefine what's possible for the well-being of older people and give its customers and staff a genuine voice in how it goes about it.

The Belong villages provide dementia and nursing care, as well as apartments for independent living, within a community village setting. They provide a full spectrum of care, from respite care to end of life care, enabling the Charity to support older people as their needs change.

Each Belong village offers:

(a)      Households: typically, Household residents are frail, older people aged 85 or above and around two thirds of Household customers have a diagnosis of dementia.

(b)      Apartments: typically, Apartment residents are in their early 80s and move to a Belong village to be part of a more vibrant community at a time when they or their partner may need more support.

(c)    Domiciliary care services and specialist day care for those needing care and support in their own home known as "Belong at Home": the Charity has a registered home care service to provide support in the wider community and this has often proved a feeder route for people experiencing support from the Charity prior to moving into a Belong village.

(d)    Specialist day care, known as "Experience Days": this service is open to people living in the wider community, enabling them to enjoy a day taking advantage of Belong village facilities and activities in a supported and facilitated way, often in order to give carers a break.

(e)    Exercise services: available both to residents and members of the public that have been referred to the Charity or are connected to the Charity in some way, each Belong village gym is equipped with state-of-the-art equipment and technology and the Charity's fitness instructors are trained to develop specialist, personalised programmes which have been independently evaluated and found to improve mobility, balance, stamina and strength according to people's needs.

(f)      Purpose-built buildings and grounds for access to communal living.

(g)    A programme of events and activities which are attended by people from the wider community as well as Belong village residents.

Taken together, the Charity's services offer a continuum of care and mean that it is able to support people as their needs change, offering a 'home for life'.

About Allia C&C

Allia C&C is a leading expert in socially responsible finance, working to amplify economic and social impact. It supports a range of organisations that span the impact spectrum, from charities through to businesses that act responsibly - facilitating their access to the most appropriate and optimal funding for their needs from investors who are interested in creating impact.

The team at Allia C&C were responsible for the creation of the RCB platform and have managed each of its bond issues.

For more information please see www.alliacc.com

About RCB Bonds PLC

RCB Bonds PLC is a public limited company; it was established as a special purpose issuing vehicle but is not itself a charity. It is governed by an independent and experienced board of directors from the financial and charity sectors who are acting on a pro-bono basis. The administration of RCB Bonds PLC is carried out by Allia Bond Services Limited, a subsidiary of Allia C&C.

For more information please see  https://rcb-bonds.com

About the New Bonds

·    The New Bonds may not be suitable for all investors. Investors should ensure they fully understand the risks and seek independent financial advice.

·   Investors should note that the market price of the New Bonds can rise and fall during the life of the investment and the price of the New Bonds could fall below the issue price of £100.

·     In the event that RCB Bonds PLC or Belong Limited becomes insolvent or goes out of business, investors may lose some or all of their investment.

This announcement is an advertisement within the meaning of Regulation 3 of The Public Offers and Admissions to Trading Regulations and is not a prospectus for the purposes of the Prospectus Rules: Admission to Trading on a Regulated Market sourcebook (the "PRM"). A prospectus dated 27 May 2026 (the "Prospectus") relating to the Bonds has been prepared and published in accordance with the PRM.

The Prospectus is available on the website of RCB Bonds PLC (https://rcb-bonds.com/new-issues) and the website of Belong Limited (https://www.belong.org.uk/investors/retail-charity-bond-offer). A key information document ("KID") pursuant to the transitional provisions of the FCA Product Disclosure Sourcebook (the "DISC"), the Consumer Composite Investments (Designated Activities) Regulations 2024 and Regulation (EU) No 1286/2014 as it forms part of UK law by virtue of the EUWA has been prepared by RCB Bonds PLC in connection with the Bonds. A copy of the KID is also available on the websites referred to above.

The Prospectus has been approved as a prospectus by the Financial Conduct Authority (the "FCA") pursuant to the PRM. The FCA only approves the Prospectus as meeting the standards of completeness, comprehensibility and consistency imposed by the rules in the PRM. Such approval should not be considered as an endorsement of RCB Bonds PLC, Belong Limited or the quality of the Bonds that are the subject of the Prospectus.

Potential investors should read the Prospectus before making an investment decision in order to fully understand the potential risks and rewards associated with the decision to invest in the Bonds that are the subject of the Prospectus. Investors should not subscribe for any bonds referred to in this announcement except on the basis of information in the Prospectus.

This announcement is a financial promotion for the purposes of section 21(2)(b) of the Financial Services and Markets Act 2000 ("FSMA") and has been approved for communication in the United Kingdom by Allia C&C Ltd (FRN 231055), which is incorporated in England (No. 09997053) with registered office at Cheyne House Crown Court, 62-63 Cheapside, London, EC2V 6AX and is authorised and regulated by the Financial Conduct Authority. Its content is directed only at eligible counterparties, professional clients and retail investors in the UK to whom it may lawfully be communicated. This financial promotion shall end on the End of Offer Date unless revoked earlier.

The offering and the distribution of this announcement and other information in connection with the offer in certain jurisdictions may be restricted by law and persons into whose possession any document or other information referred to herein comes should inform themselves about and observe any such restriction. Any failure to comply with these restrictions may constitute a violation of the securities laws of any such jurisdiction.

This announcement does not constitute or form part of any offer or invitation to sell, or any solicitation of any offer to purchase any Bonds. Any purchase of Bonds pursuant to the offer should only be made on the basis of the information contained in the Prospectus.

The Bonds have not been and will not be registered under the United States Securities Act of 1933 (as amended, the "Securities Act") and, subject to certain exceptions, may not be offered or sold within the United States or to, or for the account or benefit of, United States persons. The Bonds are being offered and sold outside of the United States in reliance on Regulation S of the Securities Act.

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[1] https://www.alzheimersresearchuk.org/news/dementia-is-the-uks-biggest-killer-we-need-political-action-to-save-lives/#:~:text=Age%20is%20the%20biggest%20risk,than%201.4%20million%20by%202040.  

 

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