SYIF helps Sheffield firm win landmark contract.
Published: 28th February 2005
Sheffield-based firm, The Laser Cutting Company Ltd, has landed a contract worth £120,000 with the help of a loan from South Yorkshire Investment Fund.
The Laser Cutting Company, which uses specialised laser equipment to cut tubular and sheet metal components, has managed to win a significantly large order from European company, Bekaert Handling Ltd, resulting in a record month’s turnover.
The firm, which employs 28, was one of the first companies of its kind in the UK and has now raised the bar with the Bekaert deal, which involves up to 100 tonnes of steel valued at around £50,000.
John Stalker, managing director for The Laser Cutting Company, said: "We are delighted to have pulled off this deal which was certainly aided by the team at South Yorkshire Investment Fund. It’s great to be able to aim high and fulfil our true potential.
"The loan enabled us to buy steel ‘mill direct’, increasing efficiency and enabling us to improve the package to our customer and increase the margin."
Investment Manager, Andrew Chaffer, said: "It’s important that local businesses such as The Laser Cutting Company are not unnecessarily restricted in their ambitions. South Yorkshire Investment Fund is always looking for local businesses and business people who need a little extra in order to make the next big step."
South Yorkshire Investment Fund offers a range of loan and equity linked investments, ranging from £15,000 to £2.5m, to help small and medium businesses bridge the funding gap that often hamstrings growing businesses.
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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).