Sheffield family business gets the support of SYIF
Published: 8th October 2003
South Yorkshire Investment Fund has boosted a family-run business by providing it with a £70k unsecured loan.
Regent House, based on Attercliffe Road in Sheffield, specialises in the manufacture and import of fragranced, decorative and seasonal giftware.
Formed in 1988, the business is run by partners Alan Sims and his two daughters Karen Sims and Ruth Wagstaffe. Originally a coffee company it diversified into aromatic wholesale giftware in 1996 and now designs and sources all its own products. It employs 15 people.
Managing Director, Alan Sims, said: "SYIF has provided us with an excellent combination of financial assistance and practical help for
He added the additional finance would enable Regent House to consolidate and sustain growth in a variety of areas including exhibitions in the UK, exploring the possibility of exporting and launching new ranges.
The business is also taking advantage of the Fund's Mentorbank service which provides subsidised mentoring support to help management teams grow their businesses more profitably. Regent House's appointed mentor will offer advice and assistance on developing their export markets.
Tony Goulbourn, Chief Executive of South Yorkshire Investment Fund Ltd, said: "Regent House is an excellent small business with potential to do even better in the future. It is also good to see them making use of our unique Mentorbank service and I am sure it will help them in their export drive."
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).