Business minded Mike engineers company take-over
Published: 16th October 2006
Pictured from the left is Kevin Steven, Business Development Manager at SYIF; Nick Skelton of Crozier Jones and Mike Robinson, owner of Auto Components Ltd.
Thorne-based engineering company Auto Components Ltd has been saved from the bulldozers by the entrepreneurial drive of its new owner, Mike Robinson.
Mike secured a £50,000 loan from South Yorkshire Investment Fund (SYIF), to help buy the company, after the previous owner chose to diversify into property development rather than continue with engineering.
Now established at a new location, Auto Components Ltd is thriving, securing the jobs of some 17 employees and Mike is now drumming up more trade in the hope of expanding operations.
"We offer a full range of engineering solutions, anything from large volume CNC machining, to one-off prototypes and solutions for the automotive industries. We are looking for new avenues all the time," he explained.
"The loan from SYIF basically enabled us to purchase the original company’s goodwill and associated assets and to push the boundaries with a diversification program. We now do more fabrication than was carried out under the previous ownership."
The company has been in existence in Thorne since 1927 and Mike thinks that destiny may have had a hand in the take-over. "It just felt right," said Mike.
"One of the previous owners had the same name as my father. There were lots of little things like that and they all seemed to add up," he added
Mike was introduced to South Yorkshire Investment Fund by Nick Skelton, of Doncaster-based accountants, Crozier Jones, who is also the company’s mentor.
Kevin Steven, newly appointed Business Development Manager at South Yorkshire Investment Fund, said: "We are always looking for applications of the calibre of Auto Components Ltd. "
"Mike clearly has a firm commitment to making this business work. He has plenty of experience and thoroughly understands the market. The company has an established client base and we are pleased to be able to share in his achievement."
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 £24 million in 191 businesses.
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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).