Fund backs Family Run Business, Labfacility Group Limited
Published: 5th August 2002
Raising the temperature: From left, Martin Riddett, managing director of Labfacility, with John Ashcroft and Allan Wood of the South Yorkshire Investment Fund.
South Yorkshire Investment Fund has backed Sheffield-based Labfacility Group Ltd (www.labfacility.co.uk) with a £30,000 loan that will allow it to buy out one of its major shareholders and expand the business further.
The company will use the unsecured loan to further develop the business and its range of services.
Labfacility Managing Director Martin Riddett said: "We are absolutely delighted with this deal. It will enable us to restructure our business and will help secure our site in Sheffield.
"We are extremely grateful to the South Yorkshire Investment Fund - throughout the negotiations their approach was very professional and very understanding to our problems and our long-term aims."
Based at Dinnington, in Sheffield, the family run business manufactures and distributes industrial temperature sensors and employs 31 people. Major customers include electrical distributors Farnell Electronics and RS Components, which distribute Lab Facility's products to more than 80 countries.
Tony Goulbourn, Chief executive of South Yorkshire Investment Fund Ltd, said: "Labfacility is just the sort of company we are seeking to help - it operates in a fast growing marketplace and has already displayed great ambitions for its future."
"We see this as an excellent deal for the company, which will secure its foundations in the area and further improve job security and prosperity for the people of South Yorkshire. We are keen to talk to other companies with ambitious management in the South Yorkshire region."
The Fund provides development and risk capital ranging from £15,000 to £500,000 to businesses in, or prepared to relocate to, South Yorkshire. A unique feature of the Fund is its Mentorbank project, which provides subsidised mentoring support to help management teams grow their businesses more profitably.
The Fund offers a series of loan and equity packages structured to support businesses through critical stages of growth. From start through to major expansion, the fund will provide financial support. If a business is looking to start up, invest in new technology or equipment, enter new markets or locate into South Yorkshire it should call South Yorkshire Investment Fund first.
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About South Yorkshire Investment Fund
South Yorkshire Investment Fund provided seedcorn, loan and equity linked investments, ranging from £15k to £2.5m, specifically to help small and medium businesses meet the gaps in funding they need for growth and development.
Created as part of the Objective 1 programme, the Fund is a private and public sector business finance provider. The European Regional Development Fund and Yorkshire Forward are investors in the Fund.
South Yorkshire Investment Fund also provided access to Business Angel investments from the Yorkshire Association of Business Angels and Microloans through BiG Business Loan Fund and Donbac Microloan Fund.
Finance Yorkshire has now taken on responsibility for providing gap finance in Yorkshire and the Humber.
For further details please contact Suzanne Tinkler, on 0845 649 0000.
South Yorkshire Investment Fund Ltd is a company limited by guarantee (Registered No 3936065). South Yorkshire Investment Fund comprises three sub funds, the South Yorkshire Investment Capital Fund, the South Yorkshire Investment Development Fund, which are each managed by YFM Venture Finance Limited, and the South Yorkshire Investment Small Business Fund, which is managed by Finance South Yorkshire Ltd. YFM Venture Finance Limited (Tel 0113 294 5000) and Finance South Yorkshire Ltd (Tel 01709 386 377) are each authorised and regulated by the Financial Services Authority. South Yorkshire Investment Fund also provides a number of services, which are not regulated by The Financial Services Authority. These include the pilot Seedcorn Fund, BiG Business Loan Fund, Mentorbank and access to the Donbac Microloan Fund. BiG Business Loan Fund is managed by Donbac Ltd (company registration No. 01925556) and Key Fund Yorkshire Ltd (Tel 0114 242 8900).