Fund Invests in Hi-Tech Doncaster Company - £250k investment for Yortech Instruments
Published: 22nd July 2003
South Yorkshire Investment Fund has given a boost to a high-tech Doncaster business by providing a £150,000 investment as part of a deal worth up to £ 250,000.
Award winning Yortech Instruments is a research, development and manufacturing company which enhances environmental performance by improving process control. Their product range of innovative and unique gas flow measuring systems provides on line data in any environment where gas flow is present, even in the harshest of applications.
Based at Shaw Wood Business Park, the company was born out of Yortech R&D - founded by co-director John Hyde in 1998. Employing five people the company hopes to grow rapidly and become a major player in its field.SYIF's initial investment, which will be used to develop the manufacturing and sales functions, will be followed by additional investment of up to£ 100,000 within the next 12 months.
Originally working as a high-tech contract design house the fledgling business developed several successful products and as a result won a prestigious DTI Smart Innovation Feasibility award. The company was restructured as Yortech Instruments Ltd with design and manufacturing operations in the UK and Denmark. It was presented with the Technology Award at the regional business awards in 2000 and in the following year received a DTI Smart Innovation Development Award.
John Hyde said: "Our business is a high-tech high risk business and many high street banks didn't want to know. SYIF provided the only route for us to develop the company in the way we wanted to. We aim to achieve rapid growth in the flow monitoring market."
Producing a variety of instruments through innovation and high tech skills one of the company's key instruments is the Basilisk IR4 which is targeted at high temperature, aggressive gas flow measurement.
Joint founder of the new company, Hans-Jorgen Nielsen targets new European customers, well known and respected in the industry he has reinforced the technical excellence of the company and help promote it across Europe.
The company now has distributors across the world in the United States, Mexico, Canada and Northern and Central Europe.
Nigel Feirn, the Investment Manager who led the deal, said: "It is always good to help creative and innovative companies and we are confident at the Fund that Yortech will reach its full potential bringing more employment to the area."
Matthew Male, Investment Manager who assisted on the deal, added: "We were particularly impressed with the technology that the Company has developed and there is a huge opportunity for generating substantial sales from the company's portfolio of home - grown products."
The Fund provides development and risk capital ranging from £15k to £1m to businesses in, or prepared to relocate to, South Yorkshire.
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.
- Invitation to Tender for Fund Management Contracts
- Move to Barnsley
- Jobs boost from investment fund
- Finance Yorkshire looks to a future of investment
- New finance venture to boost businesses
- Screenprint displays the signs of success
- Doncaster hospitality company looks to the future
- Printing company gets it Wright with SYIF
- More Business & Investment News...
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).