South Yorkshire business to go global after investment
Published: 7th November 2008
Karl Hodson from South Yorkshire Investment Fund (left) with Rob Sawtell managing director of Therco.
Rob Sawtell managing director of Therco (left) with Karl Hodson from South Yorkshire Investment Fund
A Sheffield-based manufacturer is going to expand internationally after a loan from South Yorkshire Investment Fund (SYIF).
Therco Ltd designs and fabricates heat exchangers for the process industry and with contribution from the Powergen sector, the main growth for the company has been in oil and gas exploration and refining.
Thercos high integrity fabrications play a crucial role in temperature change along with condensing and evaporating processes at the heart of any oil or gas installation.
Since establishment in January 2004, Therco has grown to become the UKs market leader in their industry. The company, based on Holbrook Industrial Estate in Sheffield, has recently received a £50,000 loan from SYIF to help increase productivity.
Rob Sawtell, Managing Director of Therco, said: Having gone from a standing start in 2004 to nearly a £10million turnover this year, controlling the inevitable growing pains has proved challenging.
Whilst representing only a small part of our working capital the money from SYIF is a welcome cash injection designed to facilitate the purchase of new plant and equipment.
The resulting productivity benefits will help streamline our launch onto the international stage where projects are generally larger, financially speaking, and technically more challenging.
While Therco has established a strong position domestically, there remain a number of major opportunities for the company in emerging ex-Russian states such as Kazakhstan and Karachaganak.
Rob added: With a shortage of fabrication capacity in places as far apart as Europe and North America, places like the Hague, Canada and the Middle East remain mouth watering prospects for a company with our level of expertise and commitment.
We remain very grateful for the support and financial backing of the South Yorkshire Investment.
Karl Hodson, SYIFs Investment Director, said: Therco have achieved excellent growth in recent years. They are an ambitious company and want to continue their success in this country and globally.
Therco have established themselves very quickly as the market leader and we hope that with our financial support they will have the equipment and the drive to establish themselves on the global market.
SYIF can provide seedcorn, loan and equity linked investments, ranging from £15,000 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.
For more information about Therco, please visit www.thercoheatexchangers.com
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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).