Fund backs MBI team at Alambar
Published: 25th July 2002
Left to right: John McCreery, Director of Alambar, Allan Wood, Investment Manager from South Yorkshire Investment Fund and Brian Leach a South Yorkshire Investment Fund Board Member
Left to right: Allan Wood, Investment Manager from South Yorkshire Investment Fund, Brian Leach a South Yorkshire Investment Fund Board Member and John McCreery, Director of Alambar
South Yorkshire Investment Fund ("the Fund") has backed the £140,000 management buy-in (MBI) of Alambar Safety Products by John McCreery.
The deal was financed with a mixture of equity, senior debt, with RBS Factors providing a factoring facility.
Doncaster-based Alambar Safety Products manufacturers bespoke high-visibility safety clothing.
John McCreery, an accountant, has a wide range of experience as finance director of several companies including Dairy Express.
The MBI management team led by John McCreery is joined by Peter Pridham from South Yorkshire Investment Fund's Mentorbank of approved non-executive directors. He is an experienced managing director with a marketing background in a variety of engineering environments.
Mr McCreery said: "We are very much a hands-on team and believe we can make the business work much harder and generate further profitable growth. The market is growing and Alambar are well-placed to take advantage of any new opportunities with the backing of South Yorkshire Investment Fund.
"Peter Pridham has a wide range of experience and his marketing expertise will add further depth to the management team."
The management team acquired the business from its Hampshire-based founder-owner who has moved on to concentrate on other business interests. The Alambar business makes customised, high-visibility safety clothing for a wide range of clients in emergency services and industrial manufacturing. It has plans to develop high visibility T-shirts and polo shirts that are currently unavailable to the market in the hot summer months.
The deal is the Funds' sixth since it was launched. The Fund provides development and risk capital ranging from £15,000 to £500,000 to businesses in, or prepared to relocate to, South Yorkshire. A unique feature of the Fund is its Mentorbank project, which provides subsidised mentoring support to help management teams grow their businesses more profitably.
Tony Goulbourn, Chief Executive of South Yorkshire Investment Fund Ltd said: "We see this as an excellent opportunity to back an experienced management team, whom we believe will develop the business to its full potential, creating jobs and prosperity for the region. We are also delighted to be able to introduce a mentor with a skill set identified by the MBI team themselves as relevant and welcome."
The Fund offers a series of loan and equity packages structured to support businesses through critical stages of growth. From seed corn through to major expansion, the Fund will provide financial support. If a business is looking to start up, invest in new technology or equipment, enter new markets or relocate into South Yorkshire it should call South Yorkshire Investment Fund first.
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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).