Specialist bar and cable manufacturer engineers success
Published: 30th November 2006
Pictured (left to right) inside new premises looking at plans of the new building. Chris Willett, of Macalloy; Chris Goddard of Director Resource; Melanie Reynolds, of SYIF and Peter Hoy, of Macalloy.
Specialist bar and cable manufacturer Macalloy Ltd, from Sheffield, has engineered a move to new premises courtesy of a second loan from South Yorkshire Investment Fund.
The £100k loan fulfils the second phase of Macalloy’s expansion plan which was also backed by UK Steel Enterprise. An initial loan of £100k enabled company directors, Peter Hoy and Chris Willett, to stage a management buyout in 2003.
Tailor-made premises have been built for the ambitious company on the re-developed South Yorkshire coalfield at Dinnington, enabling Macalloy to streamline manufacture and improve the flow of products.
Peter Hoy, Managing Director of Macalloy, said: "The move has just taken place (Monday 13 Nov) and will essentially meet an increase in demand. We have experienced year-on-year growth since the buyout and we consider the new premises key to sustaining this impetus."
The company currently employs 65 staff across their manufacture, distribution, installation and administrative departments.
"We have kept everything under one roof," said Peter, adding: "We do however, anticipate greater efficiency through careful organisation of the space available at Dinnington."
Macalloy Ltd produce and supply a range of tensile steel products, including large diameter cable/strand and tensile bar systems, to Architects, Engineers and Contractors across the world and count projects such as the Millau Bridge in France amongst their portfolio.
Peter said: "It is important to acknowledge that none of the extraordinary success that Macalloy has enjoyed would have been possible without the support of SYIF. We are very optimistic about future growth of the company and look forward to a continued partnership."
As well as loan provision, SYIF have also worked to appoint business mentors David Roberts and Chris Goddard from ‘Director Resource,’ who advise Macalloy on strategic matters and provide specialist manufacturing support.
Melanie Reynolds, of SYIF. said: "Macalloy is a great success story for South Yorkshire. They have worked on projects as far away as Hong Kong and Korea and we are committed to supporting such dynamic organisations within the region."
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.
For more information on how SYIF can help businesses, 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).