In March 2006 the Royal Air Force withdrew from Britain’s most northerly inhabited island, Unst. It ended more than 50 years of air defence on the Shetland island and meant the loss of more than 100 local jobs as the population was cut by a third.

Step forward Caroline Whitfield, the founder and chief executive of Lerwick-based Blackwood Distillers, who wants to build a £5m whisky distillery in Shetland. She has planning consent to build at Catfirth near Lerwick but was asked by Shetland Islands council to consider the former RAF base instead to help regenerate Unst.

“We agreed because helping the community is one of our brand values, although we are at a commercial disadvantage because it is around 15 per cent more expensive to produce from such a remote location,” says Whitfield, who has created a £3m business out of Blackwood's vodka and gin ranges. She estimates that the distillery will create about 40 jobs and is working closely with the Shetland social enterprise initiative Community Opportunities for Participation in Enterprise, which provides employment for adults with disabilities.

It is not uncommon for to help a particular community once they are established. If they are smart enough, they channel their resources into social projects that will help their existing or new business ventures.

Being seen to give something back can generate goodwill among staff, customers and suppliers, as well as generate sales leads and identify talent the entrepreneur could employ.

“When an entrepreneur has cracked their business and reached a limit on how many cars and houses they can own and they do not have to work any more, they can worry about still being useful. They ask themselves, ‘What is the point of me?’ ” says Mike Dickson, author of the book The More You Give, the More You Get.

Martin Webb felt guilty about having so much money after off-loading C-Side, his chain of 28 bars, for £15m to a private equity group in 2001. He set up The People’s Pub in a rundown inn in Brighton called The Robin Hood, where all net profits, about £50,000 a year, go to local charities.

Such community spirit, plus the industry contacts he has nurtured, will not have done his new drinks ventures any harm. These include the London pub chains the Medicine Group and WSD Bars.

David Evans describes himself as a socialist who converted to capitalism but managed to retain his social scruples. He set up employee motivation company Grass Roots in 1980 with five employees. Today he is chairman of a group that turns over about £100m and has 400 employees.

The business is based in the Hertfordshire market town of Tring and when the nearby country estate at Pendley Manor went up for sale, Evans bought it and paid for an old rundown stable on the site to be converted into a community centre for music and drama.

Evans, who also supports two hospices, says: “The people who work for me have children at the town’s schools and enjoy their leisure time locally so it is important for me to support them.”

Tony Deep built the Indian food manufacturer and importer East End Foods into a £98m business. He remains chairman of the West Bromwich-based company but spends about 30 hours a week on community projects. His main focus is improving the health of the local Asian community. He became involved after research showed that people of Indian origin have an increased risk of heart disease and diabetes.

“I lost three members of my family to heart-related diseases and now I have reached a stage in my life when I have the time and the money to contribute in this way. I am 64 and doing this gives me energy and impetus,” says Deep.

One entrepreneur who believes in supporting new British talent is Harold Tillman, owner and chairman of fashion brand Jaeger. With a personal wealth of more than £250m, he has set up a £1m scholarship at the London College of Fashion. He has also become a mentor to two runners- up of Sky One’s Project Catwalk, awarding them an internship at Jaeger.

“Students have to pay to learn these days and some cannot afford to complete their studies," he says. “I felt a desire to give my time and money because of the skill set the college gave me.”