Aviation company flying high with investment
Pictured: David Bonsall, Managing Director of Dukeries Aviation, Karl Hodson, Investment Director at South Yorkshire Investment Fund and Alan Scott from Business Link South Yorkshire.
An aircraft engineering company is flying high following backing from South Yorkshire Investment Fund.
Dukeries Aviation Limited, based in the Rotherham borough at Netherthorpe Airfield, has received a £30,000 loan from SYIF to help re-build an aircraft hanger and workshop which had been damaged by gale force winds in January.
The winds had completely lifted off the hanger's roof and damaged the structure of the building, forcing it to be replaced.
Dukeries Aviation is an aircraft engineering, repair and maintenance company, servicing aircraft for people all over the country. It also provides flying and aviation tuition through their Phoenix Flying school.
David Bonsall, Managing Director of Dukeries Aviation, said: "The winds on the airfield had reached approximately 105 knots and relocated the roof of the hanger.
"We were able to get money from the insurance and our own investment, but we needed an extra amount of funding to complete the project.
"We hope the hanger will be ready and open for use by the start of next year. It will house all our equipment, including a new workshop area and be able to accommodate up to three aircraft."
Karl Hodson, Investment Director at South Yorkshire Investment Fund, said: "We were pleased to come to the aid of Dukeries Aviation in their time of need.
"In rebuilding the hanger they have been able to grow the business further by housing a new workshop area and more aircraft then before the damage."
Dukeries Aviation was introduced to SYIF by Alan Scott at Business Link South Yorkshire, who helped Dukeries with the loan application, business plan and financial forecasts.
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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).