The Cadburys are back in business – with not a chocolate in sight – after a new generation of the famous Birmingham family started a property crowdfunding firm.
James Cadbury, the great, great grandson of George Cadbury, is following in his family footsteps by co-launching Property Moose, an online firm which allows people to invest their money in property.
The 28-year-old accepted he is unlikely to change the lives of thousands like his famous Quaker forebears but said he hoped to operate with similar values in his own business.
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The website, which goes live next month, will allow people to invest upwards of £500 in specific properties, and generate a return from capital growth.
Mr Cadbury said: “We will put properties on our portal and allow investors to put in anything from £500 upwards into that property.
“For example, if we had a £100,000 property then if 100 people invested £1,000 we could buy it and each would own one per cent and earn from one per cent of the capital growth.
“Once we have a property we will get a tenant in there for one to five years.”
Mr Cadbury, who works for a pension fund but also has property interests, said the business had already raised £170,000 in 11 days in crowdfunding.
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The business was co-founded with Andrew Gardiner, who Mr Cadbury met at Liverpool University. Among the 109 initial investors were several members of the Cadbury family.
Mr Cadbury said the firm allowed investors to take advantage of rising property prices while the availability of investment finance remains difficult to obtain.
Property Moose, will be the first property crowdfunding platform to be regulated by the Financial Conduct Authority.
Mr Cadbury said that while the business isn’t founded on Quaker principles, he hoped to operate in the same spirit.
He said: “They were obviously big philanthropists. The idea is firstly to get the business up and running, to make a profit. If we can do that, then I’d definitely like to think about that, but first we have to make a profit.
“That is what they did – make a profit and then they went out and bought land, built houses and tried to improve people’s lives.”
He said that while the Cadbury name was an asset, it also brought with it great pressure.
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In 1893, George Cadbury bought 120 acres of land in Bournville and planned, at his own expense, a model village which would alleviate the many problems of poor living conditions for working people.
Mr Cadbury said this background inspired him to achieve.
He said: “It drove me on I suppose. Being a Cadbury definitely comes with a pressure, but really I just want to make a name for myself.
“With Cadbury being bought out by Kraft it would be good to get the Cadbury name back in business, and be high-profile, and this is a great stepping stone.”