£1 million invested into South Yorkshire based company
Published: 27th June 2006
Pictured from the left is Martin Massey, Sales Director at Fonix Ltd, Jason Barker, Sales Director, Martin Trussler, Chief Executive and Paul Gower of SYIF.
South Yorkshire Investment Fund (SYIF) has completed its first £1 million investment in a dynamic South Yorkshire Telecommunications company.
The £1 million mezzanine finance package will enable Fonix Limited, based at Brightside, Sheffield, to achieve further expansion of their global mobile phone distribution service and secure a larger share of the international export market.
Martin Trussler, Chief Executive Officer of Fonix, said: "We are delighted to be able to get such funding from a locally based institution and anticipate that this is the start of a long-term relationship, given that we have a range of business initiatives that will require additional funding."
Fonix is a fast growing telecommunications organisation, established in 2004 and specialising in the distribution of cellular mobile phones to service the rapidly expanding global communications market.
Paul Gower, Investment Manager at SYIF, said: "Although we have previously made staged investments adding up to substantial amounts, this is our first single £1 million investment - but given the ambitions of Fonix Limited, we believe that our future collaborative work could yield further attractive investment opportunities."
This investment was put together with an alliance of partners from Yorkshire intermediaries. Commercial advice to Fonix was provided by the Harrogate-based MacKenzie Partnership and advice on legal issues by Gosschaulks in Hull. SYIF was advised by the Sheffield offices of PKF and Keeble Hawson.
For more information on how SYIF can help you, please go to www.syif.com or call 01709 386 377
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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).