SCHOOL pupils taking part in a scheme to make £5 “grow” by investing it, have made almost £1,000 profit.

Children at Kirby and Great Broughton Primary School, near Stokesley, recently took part in Virgin Money’s Make £5 Grow scheme.

The initiative involves giving children between nine and 11 years old the experience of starting a small business using a £5 loan from Virgin Money. They then have to invest that money to make a profit.

Four teams from the school went into business. The winning team, Kandy Koelastics, used the money to make a £430 profit selling marshmallows and all things sweet.

Half the school's total profits were donated to Cancer Research.

The scheme is now in its fifth year and 500 primary schools and more than 22,000 pupils have participated in the programme.

The programme gives pupils an insight into how business works and helps them build skills for the future, such as team working, problem-solving, leadership, money management and creativity.

Jayne Miller, customer service assistant at the Virgin Money Stockton Store was involved in mentoring the children as they discussed and evolved their ideas.

She said: “It was a great pleasure to have been involved with the school as they brought their business ideas to the table and proposed how to turn their initial £5 investment into profit.

“Their enthusiasm definitely paid off and to make a profit of almost a £1,000 is a terrific effort and shows that Virgin Money’s Make £5 Grow Scheme can help children in a number of areas like money management and team working.

“I think Sir Richard Branson would be extremely proud to know that entrepreneurship is alive and well in the North East, even at such a young age. Their donation to Cancer Research was a marvellous effort too.”