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Sheffield firm benefits from business angel  investment

Published: 30th June 2003

Gareth Honeyball, Managing Director of Access Worldwide and Capital Network Manager Lynne Martin.

A Sheffield firm has benefited from a South Yorkshire Investment Fund Capital Network Event - by acquiring an investing Business Angel.

Access Worldwide Ltd, which undertakes off shore oilrig maintenance, has taken on board business angel Giles Bloomer who has invested in the company and becomes a minority shareholder in the company.

Now retired from full time work, Mr Bloomer, who lives in Rotherham, has considerable experience in the construction industry. He owned his own company Aizlewoods Building Materials for 18 years.

He said: "I have been to several of the Capital Network Events and I see them as an excellent way for up and coming businesses to gain much needed investors.

"The company impressed me with their strong business plan and clear focus when it comes to gaining new clients."

Capital Network looks to bring together entrepreneurs seeking funding with Business Angels keen to invest in fast-growing businesses. Access Worldwide is just one of a number of firms to gain a business angel as a result of a Capital Network event.

Managing Director of Access Worldwide, Gareth Honeyball, said: "Giles with his wealth of experience, will benefit the company hugely. His investment will help us push forward our business on a worldwide level - particularly in America."

Tony Goulbourn, Chief Executive of South Yorkshire Investment Fund Ltd, said: "This is another example of a successful Capital Network pairing. These events serve to give young businesses a helping hand to ensure they reach their potential."

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.

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.

Editor's Notes

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.
http://www.finance-yorkshire.com

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).