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In today’s world, we believe that social enterprises are the future for addressing community needs whilst also promoting sustainable business practices. Community Interest Companies (CICs) form part of the social enterprise model, and this is at the heart of our mission in York. But what exactly is a CIC, and why is it such an important part of SPARK*? Welcome to our explainer on everything you need to know about SPARK:York and our CIC model.
A CIC is a special type of business that exists primarily to benefit the community rather than to generate profit for private shareholders. We very much operate like a business, however we are regulated by a CIC Regulator who ensures that all CICs are focused on our social mission, and not just generating profits. CICs are popping up in a wide range of sectors, from healthcare and education to arts and culture, and in SPARK:York’s case, to support local communities and entrepreneurs.
The primary purpose of a CIC is to benefit the community, not directors. Any profits made are reinvested into SPARK* to further our mission. One of the unique features of a CIC is the "asset lock," which ensures that the assets of the company are used for community purposes. If anything ever happened to a CIC business, the assets must either be transferred to another CIC, a charity, or a similar organisation focused on social good.
Most importantly, a CIC is required to demonstrate its social objectives, which must be embedded in its activities. At SPARK:York, this mission focuses on building a supportive, sustainable space for local entrepreneurs and creating opportunities for the wider community in York, whether that is dedicated spaces for local artists, or affordable co-working and event spaces.
SPARK:York, a vibrant community hub located in the heart of York, operates as a CIC to align with its values of inclusivity, collaboration, and community empowerment. As a CIC, SPARK* can offer a platform for local entrepreneurs, freelancers, and small businesses to access affordable spaces, networking opportunities, and business support - all while ensuring that any profits made are reinvested into projects that benefit the local community.
SPARK* is so much more than a food hall - we bring together different communities to enjoy the city centre and support local independent businesses.
Whether you’re a local entrepreneur looking for space to grow your business, a freelancer in need of a collaborative environment, or someone passionate about contributing to your local community, the CIC structure means that SPARK:York is here to provide a supportive, sustainable, and community-focused approach to business. When you engage with SPARK*, you’re not just renting a desk, eating delicious food, or attending an event - you’re helping build a stronger, more connected York.
In short, SPARK:York’s CIC model ensures that both the business and the community it serves are nurtured together, creating a ripple effect that empowers individuals, stimulates local economic growth, and ultimately contributes to the long-term well-being of the city.
For every £1 of investment into SPARK*, it delivers £12.78 in additional social value.
Together, we can create a stronger, more sustainable future for York - a legacy that will long outlive any of us.
