PRIME Initiative

PRIME, the charity founded by Prince Charles to help people over the age of 50 across the UK to get back into work by starting their own businesses, has appointed Richard Martin as Chairman Designate. He will take over from the existing Chair Pauline Norton in the summer.

Pauline says “I am delighted that Richard will be succeeding me as Chairman and believe he will lead the charity into its next exciting phase of development. Richard brings such a wealth of experience and contacts from the business, consulting and venture-capital worlds.”

Richard Martin started out on the London Stock Exchange before moving into marketing, working for the oil company Castrol and then the brewers Courage. Richard founded, grew and later sold his own consultancy business. He has since been involved with a series of start-ups in a variety of roles – investor, consultant and non-executive director.

Richard says “with the recession in full swing and the number of older unemployed people rising sharply, there is a greater need than ever for PRIME. My task is to ensure the charity continues to make a real impact on the problem and I look forward to building on the tremendous work carried out by Pauline and the PRIME team. But now we need to raise more money to support a growing number of over 50s move out of worklessness and into enterprise.”

PRIME (the Prince’s Initiative for Mature Enterprise) is one of The Prince’s Charities, a group of twenty not-for-profit organisations of which HRH The Prince of Wales is President. PRIME offers a practical package of support for people who are over the age of 50 and out of work, including a Business Club and the Zopa-PRIME Olderpreneur Loan scheme.

The over 50s are particularly affected by unemployment and the recession, so setting up their own businesses is a vital way back into the labour market. In the UK as a whole some three million 50 to 65-year-olds have no paid employment, and the number is rising. The best thing anyone who finds themselves in this position can do is sign up for PRIME’s help at www.primebusinessclub.com.

“Over 50s who are out of paid employment for six months after being made redundant only stand a one-in-ten chance of being an employee again”, says Laurie South, Chief Executive of PRIME. “It’s never been more important to provide opportunities for over 50s who want to work.

“But opportunities are hard to come by at the moment. As a result many people are now seriously considering self-employment. New businesses started by the over 50s will be a big factor in the economic recovery”, says Laurie.

1. Source of figures
The figures are derived from the Annual Population Survey and Labour Force Survey published by the Office of National Statistics, available at www.nomisweb.co.uk and from the PRIME report Olderpreneur Outcomes - more details here.

2. Interview Opportunities
PRIME’s Chief Executive Laurie South is available. Ring 0800 783 1904 to arrange a time.

3. What PRIME does
PRIME provides three levels of service, all delivered free to the unemployed people aged 50 and over who need them. At the first level there is “ Universal Offer” consisting of an information pack delivered by post, a web site with invaluable business content, and weekly (PRIME Business Update) and monthly (The Olderpreneur) email newsletters.

PRIME’s “Intermediate Offer”, available in selected parts of the UK, consists of PRIME’s own events and workshops plus seminars we deliver at other people’s events; a new mentoring scheme starting off in three cities (Bristol, Belfast and Newcastle); and an innovative Olderpreneur loan fund, available across the UK and delivered in conjunction with specialist on-line lender Zopa.com.

Finally the “Enhanced Offer” consists of a more intensive training and tailored one-to-one support. This is only available in the locations where PRIME is able to secure special funding. In 2009/10 PRIME had such funding in Sheffield (Sheffield City Council) and Doncaster (Doncaster Council), both in Yorkshire, in North-East Derbyshire (Department of Work and Pensions), and in the Black Country in the West Midlands (sponsored by Microsoft).

In 2009 PRIME gave practical advice and help to over 4,000 people who were thinking of starting there own businesses, and over 40 per cent achieved a successful business launch.

4. Further information
For more information about PRIME visit www.primebusinessclub.com
Media inquiries to Faye Banerjee or Ian Stobie via 0800 783 1904 or prime@ace.org.uk

The PRIME Initiative is a registered charity (No. 261794-2) linked to the National Council on Ageing and a company registered in England (No. 4184314). Registered address: Astral House, 1268 London Road, London SW16 4ER. President: HRH The Prince of Wales.