Tool company grinds out growth after buy-out
Pictured (L-R): Robert Hanney from Knowles Warwick, Anne Wilson Managing Director Numill Ltd and Andy Chaffer, SYIF’s Business Director
A Sheffield tool company has seen its workload treble after a successful management buy-out 18 months ago.
Numill Ltd, who are based on Balaclava Road in the city, reclaim, design and manufacture machine consumable cutting tools for businesses across Europe.
Anne Wilson completed the MBO to become Managing Director and sole shareholder of Numill, taking over from the previous owner who had established the business in Sheffield in 1969.
The company has grown rapidly, adding two new employees at the end of 2007, with another one set to be appointed in the next few weeks.
To continue the success and the expansion of its UK and International sales base, Numill has received a £100,000 loan from South Yorkshire Investment Fund.
The funding will go towards the working capital needed to support the company’s sales in the UK and across Europe, including Scandinavia, France, Denmark, Czech Republic and Spain and Slovenia – two new regions recently added to Numill’s target area.
Anne said: "This support from SYIF is greatly appreciated and will enable the business to continue to grow to where we aim to be. We are now achieving three times as much work as we were in November 2006, which was a month after the management buy-out.
"This has been organic growth from our existing customer base and core business operations, rather than bringing new business in."
Numill were introduced to SYIF by Robert Hanney from Sheffield-based Chartered Accountants Knowles Warwick.
Andy Chaffer, SYIF’s Business Director, says: "Numill has just completed a very successful first year’s trading under Anne’s ownership.
"This additional funding from SYIF will enable the company to strengthen its position, not only in the UK, but further afield. It is also another example of Sheffield’s manufacturing expertise being utilised by many overseas businesses."
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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).