SYIF loan supports launch of new cooked meat business.
Published: 23rd November 2004
Brian Leach (SYIF Director) left with John Hearsey, joint founder of Bankwood Meats.
Brian Leach and John Hearsey.
Jobs created as Doncaster entrepreneurs return to roots.
South Yorkshire Investment Fund has supported the establishment of a cooked meat business in Doncaster which means a return to their roots for the company founders, along with new jobs for the area.
Business partners John Hearsey and Andrew Bennett, who both hail from the Doncaster area, have established Bankwood Meats Ltd in a 5,000 sq. ft unit on the Thorne Enterprise Park. The business prepares and supplies cooked turkey to the wholesale trade.
A £50,000 loan from SYIF helped them to set up the business which will enable them to use their experience in the industry to develop a niche market. Bankwood Meats supplies turkey meat to specialist food shops, market traders and delicatessens in Yorkshire, the Midlands and the North East. Ten new jobs have been created in the new factory.
John Hearsey, who was previously general manager of a cooked meat business in Stoke-on-Trent, believes that there is a high potential for the new business by focusing on the wholesale trade.
He said: "This is a niche market to which we aim to deliver high quality produce and first-class service. No one else is concentrating on this sector of the market and it is ripe for development.
"We were introduced to SYIF by our accountant and we found them very thorough and fair. The loan has helped us get the business off the ground and we are looking forward to growing and developing our markets in the months ahead."
Investment Manager, Jane Siddle, said: "John and Andy have a proven track record in their field and have identified a niche market for their specialised product. They are committed to excellent product quality and first-class customer service and are confident about succeeding
"Our funding has helped with the acquisition of processing equipment and will also provide working capital for the business which is creating employment in the Doncaster area."
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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).