Loan opens gate for Barnsley business
Published: 17th October 2006
Pictured from the left is Steve Lane, of Lupton Lane, Brian Leach, a SYIF Director and Gary Phillis, Managing Director of JGP Engineering Ltd.
A Barnsley-based manufacturer of wrought ironwork, steel gates, perimeter fencing and security products has secured a loan from South Yorkshire Investment Fund to expand its business.
JGP Engineering Ltd, of Wombwell in Barnsley, has taken a loan of £70,000 to use as working capital for the business. This is the company’s second investment from the Fund, having secured a loan for £25,000 back in 2002.
The company specialises in supplying and fitting a range of products for commercial clients including the Virgin group of companies and the Royal Air Force.
The company, which employs 14 staff including fabricators, electricians, sales and site staff, will use some of the money to open the gate for future business development.
Gary Phillis, Managing Director of JGP Engineering, said: "We have recently moved to large new premises in Wombwell. The loan has made a huge difference to the company. We now have the freedom of scope to plan and develop future business as we see fit."
A key element of future development includes building a powder-coating plant at the factory, a move which will bring 90 percent of the company’s processes under one roof and which will provide a new avenue of development as well as ensuring that quality control is consistent.
"Our scope for expansion is great and the powder coating plant is just one short-term objective for the company, and one that will provide plenty of scope for us to take on projects for other companies," said Gary.
As the company goes from strength to strength it also uses the management experience of mentor, Steve Lane of Lupton Lane.
Karl Hodson, Investment Manager at SYIF said: "JGP Engineering have a lot of potential for expansion and a good business plan. With the money from the loan, the company can now afford to plan and build for future business."
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 into businesses in the county– and now many are returning for more funding to develop further stages of their company’s growth.
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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).