Brothers put the steel back into Sheffield’s industry
Published: 29th March 2006
Pictured from the left is Investment Manager at SYIF Grahame Lunt together with Michael and Darren Barnfield, both Directors of SS Bright Drawers Ltd.
Sheffield's steel industry is on the up after two brothers expanded their steel machining business with the help of a £91,000 loan from South Yorkshire Investment Fund (SYIF).
SS Bright Drawers Ltd are responsible for treating and shaping stainless steel from most of the UK's steel stockholders and have taken on more staff since the loan boosted their productivity.
The loan enabled directors Darren and Michael Barnfield, to purchase the remaining company's shares, they previously owned 49% of the business, and to increase the company's assets with the purchase of more floorspace and new machinery at the Attercliffe based factory.
Forty-five-year-old Darren, said: "We have been able to improve the range of services that we can now offer. With the new centreless grinding machinery, we have much greater control over production tolerances and surface finish on the steel."
With the new machinery in place, SS Bright Drawers could afford to increase staff at the plant by a third, and double the shifts to fulfil new contracts.
Darren is confident that growth will continue. He said: "We could see that the company was losing business without this facility. There is now a second building at the site, we need to fill that with machinery and continue expansion across all areas of production."
Michael added: "SYIF have made this process very easy for us. SYIF have certain demands, such as certain information they need to see – but they have led us through this process very well and we are very happy to be associated with them."
Darren and Michael were made aware of SYIF by Hugh Firth a consultant, and the pair attended a roadshow presentation at Hellaby Hall, Rotherham, last year.
Investment Manager, Grahame Lunt, said: "This project is a great endorsement for Sheffield's steel industry. The drive and focus displayed by Darren and Michael are exactly the qualities we evaluate in determining loan applications at SYIF."
"SYIF provide loans and equity linked investments ranging from £15k to £2.5m to businesses already in, or prepared to locate to, South Yorkshire," added Grahame. "The Fund has already invested over £17 million in 146 businesses – and we are interested in helping more companies like Darren and Michael's."
For more information on how SYIF can help you, ring 01709 386377.
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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).