Doncaster company builds turnover
A Doncaster construction company is set to see its turnover increase by more than 40 per cent after backing from South Yorkshire Investment Fund.
PBS Group, on Heather Court at Shaw Wood Business Park, is forecasting a turnover of more than £6million at year ending March 2008, compared with £4.4million the previous year.
The business works on the refurbishment of social housing, care homes and schools, across the North of England, East Midlands and is planning to enter the M4 corridor, as well as sub-contracting work to larger construction companies.
PBS Group has been assisted with a £50,000 loan from SYIF towards the working capital covering the expansion of the business' operations.
The funding has allowed the company to create partnerships with Henry Boot, The Wates Group and Bramall Construction. In partnership with the Wates Group, the PBS Group is assisting with the fitting of kitchens, bathrooms, renewing central heating and the rewiring of 200 properties in Doncaster.
David Tuck, Business Development Director at PBS Group, said: "When I arrived at the company 18 months ago, the business worked with just one contractor. This limited the scope for the future and we needed to broaden our operations outlook.
"The Group has now opened up a number of new opportunities and avenues to market with many contractors and we are starting to see this come to fruition with the substantial increase in turnover.
"We are able to deliver all elements of construction work and the business feels it's unique selling point is that we are able to hand back properties in a timely and cost-effective manner."
PBS was introduced to SYIF by Graham Walker from the Royal Bank of Scotland's Commercial Banking team.
Robert Daniels, Managing Director of the PBS Group, added: "The support from SYIF and the Royal Bank of Scotland is proof of how networking can benefit any business.
"PBS now plans to consolidate its social housing developments in Doncaster and continue to diversify and expand its relationship with Portakabin. It will also be starting work for the Ministry of Defence."
Andy Chaffer, SYIF's Business Director, says: "PBS Group Ltd is a rapidly expanding construction company dedicated to using local people to drive the business forward.
"They encourage apprenticeships enabling young people to gain the skills they require to enjoy a long-lasting career in the construction industry. We are therefore pleased to support their expansion with this funding as it will provide more job opportunities in South Yorkshire."
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).