Fund gives shot in the arm to Philip Drury Medical Technologies
Published: 11th November 2002
South Yorkshire Investment Fund has released another £50,000 to help a Sheffield firm reach out to bigger markets.
Philip Drury Medical Technologies Ltd has been given the £50,000 unsecured loan, which will help it develop their business further.
Based at the Globe Business Centre on Penistone Road, the business was formed by Dr Philip Drury seven years ago. The firm is a regulatory affairs consultancy offering a range of services to medical companies.
These include working on behalf of clients to get their products and medical devices approved for use throughout the world (including CE Marking and FDA approvals), obtaining government and health authority reimbursement of products and the implementation of quality systems such as ISO 9001:2000.
It currently employs four consultants but this is expected to almost double over the next few months.
Managing Director, Dr Philip Drury, said: "This additional funding is important for the next stage of our growth. We will be able to recruit additional consultants with specialist skills which will allow the company to offer a fuller range of services to our clients."
Tony Goulbourn, Chief Executive of South Yorkshire Investment Fund Ltd,
said: "We were delighted to be involved with Philip Drury Medical Technologies which we regard as an exciting company operating in a fast developing sector.
"This investment is only the latest of several made by the Fund in the past couple of months and it bodes well for the future development of SYIF’s portfolio of businesses which now cover a diverse range of companies and sectors."
The Fund provides development and risk capital ranging from £15,000 to £500,000 to businesses in, or prepared to relocate to, South Yorkshire.
It offers two key products, one of which is an unsecured loan, ranging from £15k to £150k. There is no need to give a personal guarantee and effective interest rates are from as little as 3%.
The second product is an equity-linked package, ranging from £50k to £500k where South Yorkshire Investment Fund takes a minority stake in the business.
The equity-linked package, with its competitive fees, is designed for new or existing businesses with potential for rapid expansion. Investments can be made as a mix of ordinary and preference shares or subordinated loan stock.
A unique feature of the Fund is its Mentorbank project, which provides subsidised mentoring support to help management teams grow the business more profitable.
The Fund’s products are designed to support businesses through critical stages of growth. From start through to major expansion, the fund will provide financial support. If a business is looking to start up, invest in new technology or equipment, enter new markets or locate into South Yorkshire it should call South Yorkshire Investment Fund first.
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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).