Finance Yorkshire hits £100m investment milestone
Finance Yorkshire has reached its most significant milestone to date with £100 million now invested in Yorkshire and the Humber.
The Fund has made 792 investments in businesses, increasing overall turnover by £360 million and creating and safeguarding over 11,000 jobs. There are also further investments in the pipeline thanks to support from the Regional Growth Fund.
James Newman, Chairman of Finance Yorkshire, said the £100m milestone was a “tremendous achievement for everyone involved – the Board, the Executive Management team, the Fund Managers and all partners across Yorkshire”.
He added: “The Fund’s investments have made a significant impact on SMEs involved in a wide range of manufacturing and service sectors, in all parts of Yorkshire and the Humber.
“Many companies have found it difficult to access funding via traditional routes making our role invaluable. SMEs are the bedrock of our regional economy, and we will continue to support them. Through our consistent support we have helped SME’s to improve competitiveness and encouraged wealth creation in the region.”
One of the companies benefitting from investment is Leeds-based Silchrome Plating, which has grown turnover, enhanced profitability and won contracts in the energy sector since receiving a Business Loan from Finance Yorkshire.
The company, established in 1949, offers metal finishes and treatments to a wide variety of industries, including seals for oil and gas pipelines.
It was acquired by Managing Director Austen Thwaite and Steve Hollis in 2008 and received a £60,000 Business Loan from Finance Yorkshire in 2012. The funding contributed towards the installation of a silver plating line and effluent plant, as well as working capital. Turnover has now grown to around £2m.
Austen said: “The investment from Finance Yorkshire had a big impact on our business. It enabled us to install a world-class plating line, which we are proud to show to existing and prospective customers. The business is now profitable and we are developing new products and service lines that will help us to achieve future growth.”
Alex McWhirter, Chief Executive of Finance Yorkshire said Silchrome Plating was a great example of the type of business that Finance Yorkshire looks to invest in. mixing heritage and innovation with a talented and experienced management team.
He added: “Silchrome Plating demonstrates the difference that our investments can make. As it emerged from the recession, it required investment to boost cash flow and fund new manufacturing machinery. Now the profitability of the business has improved substantially and it is well placed for further growth – just one of the many hundreds of success stories in the Finance Yorkshire investment portfolio.”
Finance Yorkshire provides seedcorn, loan and equity linked investments, ranging from £15,000 to £2m to help a range of small and medium sized businesses to meet their funding requirements for growth and development.
The project is supported financially by the European Union and attracts investment from the European Regional Development Fund (ERDF) as part of Europe’s support for the region’s economic development through the Yorkshire and Humber ERDF Programme, UK Government and the European Investment Bank. Finance Yorkshire is also supported by the Regional Growth Fund.
For more information about Finance Yorkshire, please visit www.finance-yorkshire.com or call 0300 030 6060.
Note: this news article is from Finance Yorkshire’s previous fund. Read more about Finance Yorkshire