Electrical firm engineers a great investment deal
An electrical engineering firm in Rotherham is looking forward to a brighter future, thanks to a £25,000 business loan from Finance Yorkshire.
VC Electronics is using the funding to complete a three-year business plan and launch a range of architectural dimming systems for the lighting market.
Based on the Goldthorpe Industrial Estate in Rotherham, the company has been in operation since 1998, handling electronics manufacturing projects for some of the biggest companies in the UK.
Pat Cummins, managing director of VC Electronics, said: “The investment from Finance Yorkshire will help us to achieve our target of launching a range of architectural dimming systems for the lighting market by December 2011.
“We have recently acquired a company which operates in this market, servicing sites such as Windsor Castle and Ascot Race Course as well as several high-end residential properties.
“This expansion into other market areas will also allow us to increase our workforce from 20 to 23 staff in January 2011 and up to 29 by January 2012.”
Finance Yorkshire started to make in investments in August 2010 and has already invested nearly £1.3 million into businesses across the Yorkshire and Humber regions.
Helping a range of small and medium sized businesses to meet their funding requirements for growth and development, Finance Yorkshire provides seedcorn, loan and equity linked investments, ranging from £15,000 to £2m.
Pat said: “Our plans would have taken much longer to execute without the help from Finance Yorkshire.
“Their help has enabled us to get started on the new design concepts for the lighting range now, rather than waiting for it to be funded by turnover alone. It’s also given us some head room should any lag or slippage occur.”
David Ward from Finance Yorkshire, said: “VC Electronics was looking for investment to help move its business plans along more swiftly.
“Thanks to the funding, they can now implement their project sooner than expected and expand the company more rapidly - flying the flag for South Yorkshire’s engineering industry.”
Finance Yorkshire is supported financially by the European Union. It has attracted £30million 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, £15million from Yorkshire Forward’s Single Programme, and £45million match funding from the European Investment Bank.
For more information about Finance Yorkshire, please visit www.finance-yorkshire.com or ring 0845 649 0000.
Note: this news article is from Finance Yorkshire’s previous fund. Read more about Finance Yorkshire