Specialist Company Insures Success
Published: 25th July 2006
Pictured from the left is Stephen Murray, of Finance Directors Yorkshire Ltd; Leigh Rixon, Managing Director of General Maintenance and Jonathan Dixon, Deputy Chief Executive at SYIF.
A South Yorkshire insurance claims company has underwritten its future expansion with a third loan from South Yorkshire Investment Fund (SYIF).
Rotherham-based General Maintenance has secured a £120k loan from SYIF which will enable the company to expand into London and the South-East of England.
Rotherham-based SYIF provide loans and equity linked investments ranging from £15k to £2.5m to businesses already in, or prepared to relocate to, South Yorkshire. The Fund has already invested over £21 million in 173 businesses – and now many are returning for more funding to further develop their company’s growth.
The £120k loan follows two early stage investments from SYIF of £25k each, in June and October of 2004, which enabled the company to purchase computers, vans and materials required to launch the business.
General Maintenance is now firmly established as an insurance claims specialist dealing with the whole process from claims assessment, costing and appraisal to property repair and recovery work.
Having secured a strong footing in the north of England, the company aims to establish a position in the London market and to create a secondary infrastructure to manage business in the south-east and to help their development.
Stephen Murray, of Finance Directors Yorkshire Ltd, has been appointed as a mentor, to give them support during their growth.
Leigh Rixon, Managing Director of General Maintenance, said: "The investment will help the company to move forward. Most businesses fail do so because of a lack of investment – they have the business model, but no money to support it."
"Cash is king, particularly in the insurance business and it is vital not to be restricted in growth. We anticipate a 30 percent increase in turnover through our expansion south," he added.
Jonathan Dixon, Deputy Chief Executive at SYIF, said: "General Maintenance clearly has the opportunity to expand and take advantage of a large market in the South-East, and their continued success will benefit the South Yorkshire region. Our remit is to invest in businesses from early stage through to expansion and we particularly welcome dynamic organisations like this which we have seen grow with the aid of our finance ."
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).