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Fund Helps Factory Redevelopment

Published: 2nd September 2002

South Yorkshire Investment Fund has helped Sheffield engineering firm Fmats Ltd increase its workforce and redevelop its factory.

The Fund has provided Fmats with a £30,000 unsecured loan, which has helped the firm upgrade its machinery and take on two extra employees.

Dave Batty, General Manager at the plant in Ecclesfield Road, Sheffield, said: "This additional cash is very welcome indeed and will help us improve our current operations. The South Yorkshire Investment Fund gave us sound advice and it was good to work with them."

Formed by a management buyout in October 2000, the company employs 11 people. Much of their work concentrates on the casting industry and it has started working with BNFL and Corus.

Mr Batty said they had a full order book to December and he was confident that the extra funding would help in taking the company forward.

Tony Goulbourn, Chief executive of South Yorkshire Investment Fund Ltd, said:
"Fmats is a growing engineering firm which needed an injection of cash to maintain and improve its position and we were pleased to help."

"This is just one type of company we are seeking to help - it operates in a very competitive market place and is working hard to increase its profile. 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 the business more profitable.

The Fund offers a series of loan and equity packages structured to support businesses through critical stages of growth. From start up 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.

Editor's Notes

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).