Fund helps secure more jobs in South Yorkshire
Published: 8th September 2003
Front from left, Matt Gower, Managing Director of Equip Outdoors, Paul Bevan of Tenon Corporate Finance. Middle from left, Craig Douglas of Tenon Corporate Finance and Mark Rutherford of Edwards Geldard. Back from left, Andrew Chaffer, Investment Manager who led the deal and Andy Fudge from the Bank of Scotland.
Established Sheffield Firm taken over by Equip Outdoor Technologies.
South Yorkshire Investment Fund has helped secure the future of 40 jobs in Sheffield - by providing a £100,000 loan to Equip Outdoor Technologies Ltd.
The family run company used the loan to help fund their acquisition of Rab Carrington Ltd which was established by British mountaineering expert Rob Carrington in Sheffield in 1981.
Equip, based in Derbyshire, produce technically advanced and functional outdoor and mountaineering equipment - including gloves, headwear and tents. Rab Carrington's range of clothing and equipment is recognised for its quality design and is geared to outdoor enthusiasts.
Matt Gowar, Managing Director of Equip Outdoor Technologies Limited, said: "We are delighted to have acquired Rab Carrington as it fits our product mix perfectly and gives our customers a much wider choice.
"The two companies have known each other for years and when the Carrington's decided to retire Equip was always going to provide the most compelling fit. It was good to get the support of SYIF and the deal means 40 jobs in Sheffield are secure"
Additional funding for the transaction was provided by Royal Bank of Scotland and NatWest with the funding arranged by Tenon Group plc.
Tony Goulbourn, Chief Executive of South Yorkshire Investment Fund Ltd, said:" We are always looking to help businesses develop and grow in the South Yorkshire and this deal will help secure jobs in the region.
"Equip is a dynamic, fast growing business with a young and enthusiastic management team behind them. We are keen to hear from businesses in any sector - our aim is to contribute to the economy of South Yorkshire - bringing more employment and prosperity to the region."
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.
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 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).