CIC is the acronym for community interest company.
The vision of the Thanet Health CIC is to serve the people of Thanet. A CIC is a business for the good of the public, whose surpluses are principally reinvested back into the company or the community it works for. It is not driven to maximise profit for some shareholders or the owners.
It is different to a charity, therefore not bound as much to a plethora of regulations and limitations and can therefore undertake a different set of projects and businesses.
It can make 10% profit, but it is subject to an asset lock, making sure that assets of the company have to remain in the company and cannot be transferred.
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