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40 jobs created as firm relocates to new Sheffield headquarters

Published: 28th June 2005

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Left to Right, Paul Gower of South Yorkshire Investment Fund, Phil Catton, Production Director, John Brown, Engineering Director, and John Hayward, Managing Director of Chesterfield Cylinders.

Chesterfield Cylinders moves to Sheffield with finance from South Yorkshire Investment Fund

A Chesterfield-based company will bring 40 jobs to the South Yorkshire next week when it finally makes the move to its new Sheffield Headquarters following a £350,000 equity investment in the company by South Yorkshire Investment Fund (SYIF).

Chesterfield Cylinders, an advanced engineering and metals company, has received advice and funding from SYIF to help it relocate to the Lower Don Valley, enabling it to work closely with key suppliers and sub-contractors including Sheffield Forgemasters.

The move will open up further collaboration with Sheffield's universities and research and technology organisations.

Chesterfield Cylinders was established in 1897 and manufactures and exports seamless, high pressure, gas cylinders and pressure vessels. It has an annual turnover of more than £5m.

The move to the new Meadowhall Road site is part of total financial package of £ 2.9m to fund the acquisition of new plant and machinery.

Managing Director John Hayward said: "This is an excellent location close to important travel links, with space to accommodate our large machinery and room to expand the company in the future. From a general business perspective it will be great to be in the heart of Sheffield's thriving manufacturing area"

"I would like to thank South Yorkshire Investment Fund and all our financial backers and advisors who have shown great belief in us as a company and helped take our relocation forward."

Paul Gower, Investment Manager, said: "Part of the Fund's remit is to assist companies seeking to relocate into South Yorkshire and aid inward investment in the region so we are delighted to welcome Chesterfield Cylinders to Sheffield."

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.
http://www.finance-yorkshire.com

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).