Sheffield company completes £1m deal thanks to SYIF loan
Published: 9th April 2009
(left to right): Simon Dunkley and father John from Atomising Systems with Andy Chaffer, business director at South Yorkshire Investment Fund.
A growing Sheffield company has been able to complete a £1million deal thanks to its long-standing relationship with South Yorkshire Investment Fund (SYIF).
Atomising Systems Ltd, who are based at Meadowhall, required financial support to enable them to build and ship their product to a client in Germany.
SYIF provided the company with a £100,000 loan in December and within three months Atomising Systems repaid the money back on completion of the work with the European firm.
Family company Atomising Systems Ltd, which was established by John Dunkley in 1992, offers a range of technologies for the manufacture of metal powders, primarily for use within the automotive industry.
It has seen annual turnover increase from £500,000 five years ago to more than £3million and the company has become the leading supplier of atomising technology and equipment to the global metal powder industry.
As a result of this growth the company now employs 20 staff and has a successful apprenticeship scheme run in association with Rotherham College and Metskills UK.
The money provided by SYIF was their second £100,000 investment in Atomising Systems after initially providing financial backing in 2002.
John’s son Simon Dunkley is financial director at Atomising Systems and he says the support from SYIF was essential to the delivery of the project.
Simon added: “Due to a great deal of development work needing to be done here in Sheffield prior to the shipment of the project it was vital for Atomising Systems to be able to find some short-term funding to help finance the required working capital.
“SYIF has had a long established relationship with the company and they were keen to step in to support us. Now that the project is complete we have been able to re-pay the loan back in very quick time.”
Atomising Systems enjoy a customer base around the world, with the majority of its contracts awarded in China. Simon explained: “The Far East, particularly China, is a massive market for the company and has been ever since we were founded. It has been our ability to reach out to customers all over the world which has seen the business grow.”
Andy Chaffer, business director at South Yorkshire Investment Fund, said: “We are pleased to continue our relationship with Atomising Systems with this second investment in the company.
“The loan highlights how flexible SYIF can be in when South Yorkshire companies quickly need additional working capital to support the growth of the business.”
Martin Weatherall, from Hawsons, Sheffield has been a mentor for Atomising Systems, and the company received additional funding from Natwest Sheffield in a deal led by Martin Gorman.
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.
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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).