Building materials manufacturer gets £1.25m investment
Dr Gary Sheard, Non Executive Chairman of Naylor Industries, Mary Broadhead from SYIF, Lyn Vardy of PricewaterhouseCoopers, Edward Naylor Chief Executive of Naylor Industries, Grahame Lunt of SYIF and Andy Trippett Financial Director of Naylor Industries.
A historic family-run building materials manufacturer from Barnsley has received a £1.25m boost from South Yorkshire Investment Fund.
Naylor Industries has received a £1.15m equity linked investment and a further £100,000 loan to help the Cawthorne-based company expand its operations and increase its product range.
Naylor was established in 1890 by the great-grandfather of current Chief Executive Edward Naylor who took control 15 years ago. Since then, the business has grown by modernising and diversifying away from its traditional reliance on clay sewer pipes.
The company has developed specialised clay pipes for the chemical industry and for trenchless installation as well as launching a new plastic pipe business and Yorkshire Flowerpots, which ranks as Britain's largest manufacturer of clay garden pots.
These new products now account for more than 60 per cent of its current £25m turnover and Edward is keen to build on his recent successes.
He said: "There's a lot of tradition in the business, but it's vital that we continue to innovate and develop specialist niche products if we are to continue moving forward.
"We are the biggest manufacturer of flower pots in the UK and produce clay, concrete and plastic products for a variety of sectors across the world. It is hugely important that we continue to be innovative and flexible to meet different customer needs and market changes.
"The investment from SYIF will support growth at our current sites by allowing us to keep investing in new equipment and new product launches.
"We're now a fourth generation family business and many of the people who work here are second or third generation too. The investment will create opportunities for our existing workforce as well as allowing us to bring in more staff who we hope will help us to continue to grow."
Naylor produces specialised products but it remains a volume manufacturer and 2007 saw the company produce 20 million metres of clay and plastic pipes; enough to stretch from Lands End to John O Groats and back eight times.
The company has factories in West Yorkshire, Fife, the West Midlands and employs 177 in South Yorkshire.
Mary Broadhead, Investment Director at SYIF, said: "Naylor Industries is a unique company in many ways and we're delighted to support its growth."
Grahame Lunt, an Investment Manager at SYIF, also worked on the deal.
The company was introduced to SYIF by Lyn Vardy from PricewaterhouseCoopers and the Bank of Scotland provided additional funding.
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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).