New owners for successful Barnsley firm - thanks to the Fund
Published: 13th December 2002
South Yorkshire Investment Fund has provided a £50,000 loan towards the buying of Cudworth Concrete Products.
Business partners Keith Bexon and Stephen Linford have bought the successful business, which is the one of the biggest manufacturers of concrete posts in South Yorkshire.
Formed 14 years ago and based in Barnsley, Cudworth Concrete Products employs five people and manufactures concrete and wooden panels and fence posts for the Yorkshire region.
Mr Bexon said: "The Fund has helped us a great deal with our acquisition and have given us considerable confidence for the future of the business.. We are looking forward to building on the existing success of Cudworth Concrete."
The partners have taken advantage of South Yorkshire Investment Fund’s Mentorbank. The scheme provides mentors for existing or new businesses offering advice on matters such as account handling and business advice.
Tony Goulbourn, Chief Executive of South Yorkshire Investment Fund Ltd, said: "Cudworth Concrete is a small but successful business, which has a bright future. These are the kind of the company’s we want to help to improve the economy and employment prospects in the area".
"We are keen to talk to other businesses who are looking to expand or develop in the South Yorkshire region".
The Fund provides development and risk capital ranging from £15,000 to £1,000,000 to businesses in, or prepared to relocate to, South Yorkshire.
It 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% per annum.
The second product is an equity-linked package, ranging from £50,000 to £1,000,000 where the 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 way the Fund can help businesses is the 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).