Fund makes big impression in South Yorkshire
Published: 10th June 2003
SYIF helped 100 year-old company Turton Springs with £100k investment. From left managing director of Turton Springs Doug Maxwell, Mark Hunter, investment manager who worked on the deal, production director Andrew Bumford and financial director Andrew Eyre, both from Turton Springs.
South Yorkshire Investment Fund continues to make a real difference to the region’s economy - providing loans for new and existing business.
SYIF is now very much part of the business landscape in South Yorkshire. Its work has gained further credence through the partnerships it has forged with local companies and firms of advisers.
To date SYIF has invested over £2.75m in 44 companies operating in a diverse and exciting range of industries.
Diversity has very much become one of the Fund’s trademarks. Offering help to manufacturing and service sectors, SYIF has given help to companies such as Bolton Surgical Ltd, Fragcafe and Turton Springs Ltd - all in Sheffield - and C&C Computer Marketing in Doncaster.
Bolton Surgical Ltd, manufacturers and repairers of surgical instruments, obtained a £40,000 unsecured loan from the Fund. The company’s main client is the National Health Service. Situated on Nutwood Trading Estate the funds has been used to buy and install the latest technology in IT systems.
KnowGames Ltd trading as The Frag Café (www.thefragcafe.co.uk) and based in Orange Street, received a £50,000 unsecured loan. The Frag Café, a computer games playing centre used the cash to secure new premises. It provides on-line gaming for both educational and recreational use offering the latest in multi player games. Its unique educational service provides an alternative curriculum provision for disengaged and non-attending school students aged 13 to 16.
The Fund also helped established firm C&C Computer Marketing to move to new premises in Doncaster. The company’s £32,000 unsecured loan, was used to buy a former ambulance station – which will be refurbished during the coming months.
Formed in 1992 by Paul and Michelle Carolan, the business employs five people and deals with the recovery, remanufacture, refurbishment and re-sale of computer equipment. Specialising in printers the business is now targeting the education sector.
Turton Springs Ltd, which has had a presence in Sheffield for more than 100 years was backed by the Fund with a £100k investment. Producing a range of engineering firms the company supplies some of the biggest names in the automotive world including Aston Martin, Lotus and Rolls Royce.
Tony Goulbourn, Chief Executive of South Yorkshire Investment Fund Ltd, said: "Our success is breeding more success. The pipeline for new deals for the next six months is very encouraging and we are keen to hear from new and existing businesses."
South Yorkshire Investment Fund offers a series of loan and equity packages ranging from £15k to £1m, which are structured to support businesses through critical stages of growth. A unique feature of the Fund is its Mentorbank project, which provides subsidised mentoring support to help management teams grow the businesses more profitably.
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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).