Fund provides the edge for Barnsley firm
Published: 15th September 2003
John Sarrington Investment Manager who led the deal and centre of picture, is given a tour of the Cutting Technologies factory by directors Martin Cook & Barry Proctor.
Cutting Technologies Ltd secures £35,000 loan.
South Yorkshire Investment Fund has helped pave the way for a new Barnsley company to cut its teeth in the market place.
Cutting Technologies opened for business on March 3 when directors Martin Cook and Barry Proctor finally saw months of planning come to fruition.
Based at Zenith Park, Whaley Road, the company uses laser technology to cut a range of materials including steel, wood and plastic - for use in anything from wheelbarrows to nuclear power plants. Currently employing four staff they are now actively looking for new operators to join their team.
SYIF provided a £35,000 unsecured loan and in addition the company received Regional Selective Assistance, help from the Bank of Scotland and a High Growth Start-Up grant.
The Investment was used to purchase a state-of-the-art laser-cutting machine costing £300,000. Measuring three metres by one and a half metres the machine is surrounded by the latest technology and computer software.
Usually working as sub contractors and offering a full service, the company's clients range from small engineering companies to major high street names.
The company has also joined up to SYIF's mentorbank project, which provides subsidised mentoring support to help management teams grow the business more profitably.
Director, Martin Cook, said: "SYIF were extremely helpful and supported us through the process and they came up with the goods. We are also impressed with the mentorbank project - it is extremely useful to have someone experienced working along side you."
Tony Goulbourn, Chief Executive of South Yorkshire Investment Fund Ltd, said: "It is always good to be involved in a new business venture and Cutting Technologies has all the ingredients to achieve growth and success for the area. We are keen to hear from businesses, both new and established, with a good business plan and creative ideas."
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.
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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).