Second loan to expanding building maintenance firm.
Published: 3rd December 2004
New advance to support IT upgrade and recruitment.
A company which received a £25,000 start-up loan from South Yorkshire Investment Fund in May this year has taken up a second tranche for a similar amount to support its expansion plans.
General Maintenance and Training Ltd, based in Rotherham, was bought from its previous owners by managing director Leigh Rixon and has achieved a faster than expected expansion in its operations.
The company specialises in building and maintenance work on residential properties throughout South Yorkshire on behalf of insurance companies following claims by householders ranging from a few hundred pounds to tens of thousands of pounds.
Said Mr Rixon:" When I bought the company it seemed to be going nowhere but since then we have achieved growth that has exceeded our business plan and which has meant we need to recruit six people rather than the three I originally expected at this stage.
"South Yorkshire Investment Fund helped me with start-up funding and the second £25,000 will support the expansion of the workforce and the purchase of new computer and database systems. I have found SYIF very helpful, supportive and efficient. As long as you’ve done your homework, the process is straightforward and I think the support provided by the scheme is excellent."
Mr Rixon said he was looking to widen the company’s operations to work directly with architects and professional service providers.
Investment Manager, Andrew Chaffer, said: "Leigh’s belief in the potential of the company has proved correct and he has been rewarded with better than expected growth in a short time. The company has established a good reputation in its field and is looking to widen its customer base. We are delighted to have helped with start-up finance and with the latest loan that will support future growth plans."
South Yorkshire Investment Fund offers a range of loan and equity investments, from £15,000 to £2.5m, to help small and medium sized businesses bridge the funding gap that often hamstrings growing businesses.
The Fund administers and co-ordinates Microloan investments ranging from £1,000 to £15,000 on behalf of the Enterprise Agencies in South Yorkshire and provides access to Business Angel investments from the South Yorkshire Association of Business Angels.
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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).