Fund Continues To Support South Yorkshire Business - Article from City Business Magazine
Published: 7th November 2002
Managing director of Bartec Auto ID Colin Webb with Tony Goulbourn, chief executive of South Yorkshire Investment Fund Ltd and Andrew Chaffer, investment manager from South Yorkshire Investment Fund studying the company's latest technology.
Barnsley-based Bartec Auto ID Limited is one of several companies based in the region to have benefited from the support of South Yorkshire Investment Fund.
An unsecured £50,000 loan from SYIF will help the company, which has developed a tyre pressure measurement system, stay ahead of its competitors and develop further products which ensure it remains at the leading edge of its technology.
SYIF also helped Bartec obtain a £34,800 loan with National Westminster Bank under the Government's small firms loan guarantee scheme. Formed in 1992, Bartec Auto has developed a range of radio frequency readers designed to program in-car computers to measure the air pressure in car tyres, which not only alerts the driver to a possible blow-out but will also help petrol efficiency.
Based at the Barnsley Business & Innovation Centre, the firm operates in some of the toughest markets in the world including the US, Canada, Japan, France and Sweden.
Colin Webb, Managing Director of Bartec, said: "This extra funding will enable us to maintain our lead in the niche export markets and keep us at the forefront of our technology. It will help us develop new products and support our continued growth.
"We have a very full order book and are proud of the work we do with motor giants such as Ford, GM, Daimler-Chrysler, Renault, Volvo and Nissan."
Tony Goulbourn, Chief Executive of South Yorkshire Investment Fund, said: "We were delighted to get involved with this highly innovative and exciting company, which is clearly the world leader in its field. The management have the potential to grow the business further and create more jobs for the area."
Mr Goulbourn added: "Our track record since we began investing in South Yorkshire companies has been excellent but we are still interested in talking to companies with strong management teams, whether they are established profitable businesses or start-up and early stage companies.
"As well as providing funding we can also provide management support through our Mentorbank initiative and introduce good businesses to other funders through our network of partners. With our portfolio of investments and by working closely with other key decision makers in the region South Yorkshire Investment Fund is making a genuine contribution to the region's future economic growth."
SYIF offers two key products, one of which is loans ranging from £15,000 to £100,000 with effective annual interest rates from as little as 3%. The second product is an equity-linked package, ranging from £50k to £500k where SYIF takes a minority stake in the business.
Other significant investments include:
A £50,000 unsecured loan to Sheffield-based Independent Forgings & Alloys Ltd.
An unsecured loan of £25,000 to Doncaster-based IMS.
An equity linked package totalling £100,000 to Atomising Systems Ltd of Sheffield.
A £50,000 unsecured loan to Sheffield-based Philip Drury Medical Technologies Ltd.
Mr Goulbourn said: "These companies neatly illustrate the broad range of businesses operating in South Yorkshire. A diverse economy is a strong economy and our portfolio of South Yorkshire companies reflect that diversity."
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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).