SYIF boost for specialist sector
Pictured (left to right): David Ward, SYIF investment manager, Asad Fallah, managing director of AF ChemPharm and Joanne Flanagan from Lambert and Flanagan
South Yorkshire Investment Fund has reinforced its position supporting the growth of one of the region’s priority business areas with another significant investment.
AF ChemPharm Ltd, a specialist company offering contract research and synthesis services to research institutes and biotech and pharma industry, has received funding of £50,000. This has allowed them to move to new, more suitable premises.
Now based on Bailey Street on the edge of Sheffield city centre, AF ChemPharm which employs four people, has up-to-date laboratory facilities enabling them to better satisfy current client requirements and also assist them with their future growth and development plans.
Asad Fallah, managing director of AF ChemPharm, said: “The funding has enabled us to go that next step. Having bigger premises, being closer to the University of Sheffield, whose facilities we often need to use, and securing a cutting edge, high spec refit of our lab was vital for us. We have now been able to achieve this which can only be of benefit to our business.
“Working with SYIF was straight forward – they considered our needs carefully and provided us with an appropriate package of support.”
AF ChemPharm were introduced to SYIF by Joanne Flanagan from Lambert and Flanagan.
Yorkshire and Humber is at the forefront of the UK’s latest advances in healthcare, making it one of the most important regions for the healthcare technology industry, and one of the fastest-growing nationally. The sector is growing four times faster in Yorkshire and Humber than the rest of the UK so Yorkshire Forward has identified it as a priority.
Previous SYIF deals in the sector have included £50,000 to Biovision Medical, based in Dinnington, loans to Single Use Surgical in Barnsley totalling £90,000 and loans totalling £60,000 to Sheffield based, Sheffmed Trade Services Ltd.
Biovision Medical provides a range of Demineralised Bone Matrix (DBM) Allograft products that are used as bone growth enhancers in a huge variety of surgical applications and are one of a very select number of companies licensed by the Human Tissue Authority (HTA) to store and distribute this product. The £50,000 they received allowed them to create a ‘clean-room’ and to expand their facilities in order to become the key distributor for Europe and the Far East by the largest independent human tissue processing company in the US.
Single Use Surgical which manufactures and supplies single-use surgical instruments that have the function, feel and look of re-usable instruments have received three loans since 2002 totalling £90,000. These have allowed the company to expand, create new jobs and to market and launch a new product they had developed
Sheffmed, based in Don Valley, Sheffield, designs and manufactures innovative surgical products for the UK market. The company used the cash injection to develop a specialised suction tube and a laparoscopic suction irrigator for primary use in Ear, Nose and Throat (ENT) operating theatres
David Ward, SYIF Investment Manager, said: “We are delighted to invest in AF ChemPharm. Lab practice has moved on leaps and bounds since the company set up in 1998 so the funding has allowed them to get a new lab in a building that is more suited to their needs.
“The healthcare sector plays a significant role in the South Yorkshire economy so it is important that we recognise this and provide the appropriate investment to those organisations to help them grow and develop further. SYIF has a good track record providing vital support to companies in this sector.”
SYIF can provide 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.
For more information about South Yorkshire Investment Fund, please visit www.syif.com or ring 01709 386377.
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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).