Surgical company expands operations
Published: 5th August 2008
A Sheffield-based surgical instrument supplier has expanded its operations and increased its product range after a £30,000 loan from South Yorkshire Investment Fund (SYIF).
Sheffmed Trade Services Ltd has used the cash injection to develop a specialised suction tube and a laparoscopic suction irrigator for primary use in Ear, Nose and Throat (ENT) operating theatres.
Sheffmed, based in Don Valley, designs and manufactures innovative surgical products for the UK market.
But the loan from SYIF will help the company push new products into the export market too.
Alan McNulty, director at Sheffmed, said: “The company is growing rapidly. We provide well-designed quality products at competitive prices for the UK market and the new cannulated suction devices add an extra dimension to what we offer.
“The laparoscopic suction irrigator has a smooth action to remove tissue and fluid from patients and the ergonomic handle means it is more comfortable for surgeons to operate left handed or right handed, which can be an issue in operating theatres.
“We have also given the suction tubes a distinctive pink colour theme and added a soft end to them, making them easier to apply and technically more efficient.
“A key issue in the industry is the budgets in which buyers operate within, so providing important surgical instruments at relatively low prices helps hospitals better achieve the financial targets they are set at the beginning of the year.”
The company, which employs four people, will also use part of the loan from SYIF to assist with additional stock for the expanded product range. It is the second time SYIF has provided Sheffmed with funds following a similar loan in 2005.
Karl Hodson, SYIF’s Investment Director, said: “The two products that Sheffmed have added to their portfolio really will make a difference to the surgical industry.
“The obvious comfort issues that they address are clearly beneficial to the surgeons in the operating theatres. But the fact they will be on the market at a low price is of significant economic value to buyers, especially in the current climate.”
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).