Fund's faith in Sheffield company bears fruit
Published: 2nd March 2004
Pearce Buckle re-locates to Sheffield Business Park
One of South Yorkshire Investment Fund's first clients continues to grow and has now re-located to Sheffield Business Park, a prestigious new development just off the M1 motorway.
Building services consultants, Pearce Buckle (Design Engineers) Ltd was acquired by its management in a deal backed by the Fund in August 2002.
Managing Director Kevin Hirst along with colleagues Paul Bestall and Richard Cherrill bought the Sheffield-based business from the founder. Now, after a period of continued growth, the Company has moved to new state-of-the-art offices.
Mr Hirst said: "We felt it was important that our recent success should be reflected in the offices we operate out of as well as having sufficient space for our growing business. With a team of more than 40, many of whom are local people, we now have the largest single office building services resource in the region and a prestigious new address."
Tony Goulbourn, Chief Executive of South Yorkshire Investment Fund Ltd, said: "It is always pleasing to see our clients go from strength to strength. The management team at Pearce Buckle has worked very hard to increase their client base and we wish them continued success."
The Fund can provide loans and equity investments ranging from £15k to £2.5m to businesses in, or prepared to relocate to, South Yorkshire. The Fund has already invested more than £5.4 million in 81 businesses.
It offers two key products, one of which is loans ranging from £15k to £150k with effective annual interest rates from as little as 2.4% per annum. Loans are unsecured for the majority of established profitable businesses with unsecured loans of up to £50k available for start-ups or early stage.
We also provide equity linked finance of up to £2.5 million, comprising £1 million of equity and £1.5 million of mezzanine loans. These investments are to complement existing sources of finance and are intended to bridge any funding gap there may be in an expansion plan.
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 their business more profitably. South Yorkshire Investment Fund also run Capital Network a Business Angels introductory service for early stage businesses in South Yorkshire. Where appropriate Business Angel finance can also complement South Yorkshire Investment fund packages.
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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).