Fund gives a shine to Doncaster Business
Published: 27th February 2003
From left Geoff Goldthorpe, Sales Service Director of Bentley Textiles, David Moody the chairman of South Yorkshire Investment Fund, Michael McLean, Operations Manager at Bentley Textiles, Andrew Chaffer Investment manager who led the deal and Alan Scott from Business Link South Yorkshire.
A South Yorkshire company, that can trace its roots back to 1890, has won the backing of South Yorkshire Investment Fund as it prepares for further expansion.
Doncaster-based Bentley Textile Services Ltd, has received a £50,000 unsecured loan from the Fund, to increase the workforce and expand the business further.
Bentley Textile Services, which is owned by Trevor Carter and Geoff Goldthorpe, is situated on Bentley Road and offers a complete linen hire service to the leisure industry. It spends around £200,000 a year in new linen including tablecloths, sheets and pillow cases.
Employing 75 people, of whom 50 are full-time, the company has many long-term customers, supplying a wide range of hotels, restaurants and guesthouses between York and Doncaster.
Geoff Goldthorpe, sales director at Bentley Textile Services, said: "The extra funding has allowed us to expand the business, develop new clients and more employees. It will allow us to continue to serve the leisure industry and create jobs in the local community.
"Over the years the industry has changed considerably with new machinery and technology, changing the way we work. During our long history we have changed from being just a laundry to linen hire specialists."
Tony Goulbourn, Chief Executive of South Yorkshire Investment Fund Ltd,
said: "Our aim at the Fund is to promote a whole range of businesses and we are delighted to be able to help Bentley Textile Services. They pride themselves in offering a professional service to their customers and in providing employment in the Doncaster area."
The Fund provides development and risk capital ranging from £15k to £1m to businesses in, or prepared to relocate to, South Yorkshire.
It offers two key products, one of which is loans ranging from £15k to £150k with effective annual interest rates from as little as 3% per annum.
The second product is an equity-linked package, ranging from £50k to £1m 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).