Coating specialists seal investment for expansion
Pictured: (left to right) SYIF’s Grahame Lunt with Dr Lee Hitchens, SCH Services’ Managing Director and BLSY’s Geoff Watson.
A unique South Yorkshire protective coating company has sealed a £40,000 loan from South Yorkshire Investment Fund.
SCH Services Ltd will use the funding to help sustain its rapid growth and safeguard an expansion into Europe.
The Barnsley-based company is the UK's leading protective coating service provider and the only company in Great Britain to offer a complete conformal coating resource.
Specialists in high-reliability protection for electronics in hostile environments, SCH has secured important contracts with many military contractors.
SCH has enjoyed rapid growth in the seven years it has been operating. Since 2004 turnover has doubled each year with the number of employees rising from four to 23.
The loan from South Yorkshire Investment Fund is being used to support the company's growth on the continent.
Dr Lee Hitchens, SCH Services' Managing Director, said: "We have enjoyed a period of intensive growth over the last few years and we are very aware that as a company we are at the forefront of developing, manufacturing and applying leading technologies in an industry that is increasingly difficult to navigate.
"The loan from South Yorkshire Investment Fund guarantees our levels of working capital will be able to sufficiently facilitate our expansion into Europe and will keep us abreast of any enforced industry changes."
SCH Services was introduced to South Yorkshire Investment Fund by Geoff Watson at Business Link South Yorkshire, while Alliance and Leicester provided additional funding support.
Grahame Lunt, SYIF's Investment Manager, said: "SCH Services is a burgeoning organisation enjoying a period of fast and sustained growth. We are delighted to cater to the ambitions of such a forward-thinking company."
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).