Fastener company moving places after £100,000 boost
Published: 15th December 2005
Pictured at Northern Precision Ltd from the left is Paul Wilson, Senior Investment Manager at Nat West Doncaster, Alan Scott, of Business Link; Andrew Chaffer, SYIF Investment Manager; Tony Mortlock, Managing Director of Northern Precision Ltd; and Steve Wilson, of Thieme and Co.
A Doncastrer firm is hoping to tighten its grip on the market thanks to a £100,000 loan from South Yorkshire Investment Fund (SYIF).
Northern Precision Ltd, which formed as a three-man operation in 1996, has become an industry leader in sheet metal fasteners.
The company has now moved to the Durham Lane industrial area in Armthorpe as part of this latest development.
The company is delighted with the move and managing director Tony Mortlock was full of praise for the SYIF support.
"Our move to Durham Lane is the latest strategic development that will ensure the company remains unrivalled in the fastener supply industry – throughout the UK and abroad."
"The support we have received from the South Yorkshire Investment Fund has proved invaluable in helping us realise our ambitions of having a working environment that is the envy of the industry."
"The investment has not only helped secure a number of jobs at Northern Precision, but combined with other initiatives will also prove to be a very effective springboard for Northern Precision’s continued success, which in turn will mean the creation of more job opportunities."
Helping the company on its way is business development specialist Steve Wilson of Doncaster accountancy firm Thieme and Co.
He will act as a mentor to Northern Precision for the forseeable future as part of SYIF's commitment to helping small and medium-sized firms grow and expand.
The loan deal was introduced to SYIF by Alan Scott of Business Link.
SYIF Investment Manager Andrew Chaffer said: "This is a modern, forward-thinking company that is keen to grow and keep on growing.
"Northern Precision is just the kind of business the Fund looks to get involved with."
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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).