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 investments that enabled Finance Yorkshire to reach its funding milestone is set to boost the inventor of an innovative paint that can be removed with non-toxic solvents.
York-based Renu-TPS has created the Cre-8 Temporary Paint System, which works like permanent paint but can be easily removed with a non-solvent gel without leaching or damaging the underlying surface.
The fast-drying paint, which is supplied in aerosol cans, is being initially targeted at the car customisation market. Vehicles can be painted with graphics such as go faster stripes safe in the knowledge that the paint can be cleaned off without affecting their resale value.
Renu-TPS has received a £175,000 Finance Yorkshire Seedcorn investment, which will enable the company to invest further in product development and marketing.
Peter Stubbs, a former IT project manager who founded Renu-TPS, came up with the paint technology after experimenting with anti-microbial surface sprays.
He said: “This is a unique and novel technology that works on a wide variety of materials without damaging the surface. We believe this is a game-changing product that brings risk-free car customisation to the mass market.
“We have already had interest from big paint manufacturers and a large retailer. We believe this product has the potential to be used worldwide.”
Alex McWhirter, Chief Executive of Finance Yorkshire said Renu-TPS was a great example of the type of business that Finance Yorkshire looks to invest in.
He added: “We look to invest in entrepreneurs with early stage innovative or technology-based ventures, which require hands-on support from a specialist investor. With our ongoing assistance, Renu TPS is well placed to join the hundreds of success stories in the Finance Yorkshire investment portfolio.”
Graham Davies, Investment Manager at Finance Yorkshire, said: “As well as providing the investment capital to support Renu-TPS we will be working closely with Peter to further develop his product and maximise the sales opportunities.”
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