Manufacturing remains key to South Yorkshire economy
Published: 17th July 2008
Pictured are L-R - Dr Gary Sheard, Non Executive Chairman of Naylors, Mary Broadhead of SYIF, Lyn Vardy from Pricewaterhousecooper, Edward Naylor, Chief Executive, Naylor Industries, Grahame Lunt of SYIF and Andy Trippett, Financial Director for Naylor Industries.
Manufacturing in South Yorkshire continues to play an important role in supporting the growth of the region's economy, according to a leading finance organisation.
South Yorkshire Investment Fund (SYIF) has made 167 investments in the Advanced Metals and Manufacturing and Engineering Sectors, totalling more than £16million and accounting for 40 per cent of their total funding.
Many businesses in the sector are investing heavily in new equipment to improve efficiencies and cope with increased demand.
Gordon Bridge, Sheffield's Master Cutler, has praised the support provided by SYIF.
He said: "I am delighted that SYIF has recognised the importance of manufacturing to both the region and country with the investments it has made.
"South Yorkshire's manufacturing expertise continues to be utilised around the world. The region has enjoyed a resurgence of growth in this sector in recent years, with both new companies emerging and traditional businesses enjoying expansion.
"Some of the world's leading companies and research institutions are now based in South Yorkshire, which continues to be regarded as a centre of excellence in manufacturing."
SYIF has twice helped Rotherham based PMS Diecasting Limited with loans totalling £150,000 to invest in machinery. The company won a new contract to manufacture die-cast zinc components and needed to step up their production capabilities to meet increasing market demand.
Independent Forgings and Alloys (IFA) Ltd on Livesey Street, Sheffield, is one of the world's largest blacksmiths. It has seen turnover grow by seven times in just six years, half of which comes from exporting to more than 30 countries. In 2007 IFA purchased a £2million forging line in order to meet demand and SYIF assisted with a £500,000 loan.
Often manufacturing companies are looking to expand their product range. Naylor Industries is a building materials manufacturer from Barnsley which received £1.25m from SYIF to help the company expand its operations and increase its product range.
The company has developed specialised clay pipes for the chemical industry, launched a new plastic pipe business and Yorkshire Flowerpots, ranked as Britain's largest manufacturer of clay garden pots. These new products now account for more than 60 per cent of its current £25m turnover.
Other businesses have seen recent changes in ownership either through Acquisition, Management Buy In (MBI) or Management Buy Out (MBO).
SYIF can provide 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.
For more information about South Yorkshire Investment Fund, please visit www.syif.com or ring 01709 386377.
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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).