Business Loans Case Study
Integral IT Services Limited has grown steadily at a rate of 20 per cent per year since its formation in 2006 by Managing Director Jonathan Edwards.
The North Yorkshire company wanted to increase its work force and take on more lucrative contracts and needed additional working capital to achieve this.
Integral IT Services received a £25,000 Business Loan from Finance Yorkshire to continue its expansion, and currently employ six people at their offices in Oakwood Business Park, Harrogate.
Jonathan said: “The Finance Yorkshire investment enabled us to increase the numbers of our workforce, and we in fact doubled them. This has in turn ensured that we have the capabilities to take on larger contracts that before the funding, we were not fully equipped to do.
“The funding will also go towards internet advertising which will also help us to grow the company considerably as it allows us to promote ourselves locally.
“Not only this, but we have recently expanded our contract with an overseas client in Holland, including a major installation project, and this shows the capabilities of our company.”
The Investment Rationale
Integral IT was introduced to Finance Yorkshire by Peter Beresford Managing Director of funding specialists RedSky, which assisted Integral IT with its business plan.
Ian Atkinson, Finance Yorkshire’s Investment Manager, said: “Jonathan is an impressive entrepreneur who has built up his business steadily over a number of years.
“Integral IT is now well placed to take advantage of the larger contracts coming their way, and we can see that the funding will allow them to continue to expand their services and their staff levels.
“We continue to be impressed with their vision and we hope to continue to support them for many years to come.”
Jonathan added: “I’m delighted with the backing I have been given by Finance Yorkshire; the whole process of making an application for funding was seamless and they have been incredibly supportive throughout.”
Part of the investment from Finance Yorkshire will also go towards the development of sister company, Yorkshire Cloud, which Jonathan formed alongside Integral IT. The new business provides cloud computing support and advice to companies.
Note: this case study is from Finance Yorkshire’s previous fund. Read more about Finance Yorkshire