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Pulford Trading Limited


Established in 2013


£278 million

Total assets as at 31 March 2020

Supported Living

Supported living schemes provide varying levels of personal care to people, enabling them to benefit from a much higher level of independence than otherwise.

Downing has teamed up with an established developer with a track record completing and exiting 20 previous projects of developing supported living centres and securing tenants to lease the units. The much-needed accommodation will allow people with underlying healthcare needs to live in their own homes rather than an institution. 

Because the bond issuer develops properties and then leases them to Housing Associations, this is categorised as a Speculative Illiquid Security and so the bond will be restricted to High Net Worth Individuals, Sophisticated and Professional investors only.


Key factors:

  • Care Homes

    The UK’s elderly population is growing, with men and women living nine and six years longer respectively than in 1980.1 Healthy-life expectancy is lagging behind general life expectancy, which increases the level and duration of care required.2 It is forecast that demand for care accommodation is set to increase by 9,000 beds a year, whereas the supply of new beds is only growing by 5,000-6,000 annually.3

    In 2016, the first of the baby boomer generation turned 70. This generation owns more than half of Britain’s £11 trillion of wealth.4 The aging demographic combined with the concentration of wealth in the UK’s aging population indicates an increasing demand for and affordability of premium private care.

  • Property development

    Housing stock in England is not growing at the rate that the population and demographics require. In the 2017 Autumn Budget, Government stated its ambition for housebuilding to reach 300,000 homes per year. However, the annual delivery, as of autumn 2018, was 217,000 per year.5 The housing deficit caused by this lack of supply is driving demand in the housebuilding sector. Almost half of small to medium-sized house-builders said access to finance is one of the biggest barriers to building new homes. An equal amount also stated that they were involved in sites that were stalled for financial reasons.6 Downing is seeking to help address this funding gap.

  • Data centre

    A data centre is a building that houses technology systems used to store data, which is transferred to and from the centre via communications cables. Almost all businesses today are producing increasing amounts of data and demand for storage is increasing. 2018 was a record-breaking year for European data centres, with London responsible for 40% of take-up across the four largest markets.7 ‘While other sectors are more closely correlated to economic and political cycles, data centres seem to be immune from the current turbulence.’ - Investment Director, CBRE.8

  • Pubs

    The freehold pub market in London has performed well over recent years. Beer sales in the UK rose 2.6% in 2018, marking the biggest year on year growth for 45 years.9 Due to the outbreak of COVID-19, pubs and the hospitality industry as a whole, will find it difficult in the short-run to continue performing to forecasts. However, the government are continuing to announce support for these industries, such as eligibility for a 12-month break from paying business rates and funding grants of between £10,000 and £25,000. The government have promised that this support will continue, and once COVID-19 is contained, we believe the market will be strong enough to recover. In addition, it may present a strong buying opportunity for this sector.

  • Hotels

    In 2018, £7.4 billion was invested into the UK hotel market. This is a £1.7 billion increase in hotel transaction activity compared to 2017. The trading performance of UK hotels proved resilient in 2019, particularly in London which saw ‘revenue per available room’ (“RevPAR”) grow by 5.8%, whilst the top regional cities saw RevPAR levels grow by 3.7% for the 12 month period to September 2019. London’s robust performance is due to the increased demand for leisure, with occupancy levels one of the highest in Europe.10

    These performances were measured before the outbreak of COVID-19. Please refer to pubs section for further information on the hospitality industry.

  • Energy generation

    Primary electricity output in Q3 2019 was 8.9% lower than the year before whilst output from wind, solar and natural flow hydro was 24% higher than the same period in 2018. Renewable electricity generation represented 38.9% of total electricity generation in Q3 2019. Pulford Trading has investments in Renewable energy generation, which are largely backed by fixed rate feed-in tariffs, providing dependable revenue generation.11

  • Sources

    1Source: Public Health England, Life Expectancy and Healthy Life Expectancy, July 2017.

    2Source: Age UK, Later Life in the United Kingdom, November 2017.

    3Source: AMA Research, 19 October 2017.

    4Source: Resolution Foundation, 20 June 2017.

    5Source: Residential Property Forecasts, Savills Research, Autumn 2018.

    6Source: Federation of Master Builders, “FMB House Builders’ Survey 2018”.

    7Source: European collocation, CBRE, 28 February 2019.

    8Source: European collocation, CBRE, 28 February 2019.

    9Source: British Beer and Pub Association, News, 2019.

    10Source: UK Hotel Trading Performance Review, Knight Frank 2019.

    11Source: Government Renewable Statistics, Q3 2019.

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