Finance Yorkshire hits £85 million with backing of steel building supplier
Finance Yorkshire has surpassed the £85 million mark with a significant Equity Linked investment in a company that uses unique, innovative technology to design and supply lightweight steel buildings.
The £450,000 investment in Bridgeton Steel Structures (BSS), based at Elvington near York, means the regional funding body has now made 668 investments in businesses across Yorkshire and Humber. It has created and safeguarded 8,716 jobs and increased collective turnover by £224 million.
Its £90m fund will be fully invested by the end of the year.
BSS uses its own computer-aided design (CAD) software to design lightweight, steel-framed building systems, ranging from standard industrial units to architecturally-driven solutions.
The designs offer simplified construction, quality, consistency and speed when compared to traditional building methods. They are economical to transport and quick to build. The high strength to weight ratio of the steel frames reduces foundation requirements, saving companies money on their pre-build costs.
The buildings are used in a wide range of sectors including retail, agri-business, waste management, renewable technology and local authorities. Recent developments include a distribution centre for a confectionery business in Devon.
Brian Garvey, Managing Director, is a construction industry veteran who worked on the Athens Olympics in 2004. He launched BSS in 2012 with his wife Jacquie.
The £450,000 Equity Linked investment from Finance Yorkshire will be used to support the development of the business, including, enhancing its CAD software design capabilities, recruiting technical project managers and hiring a business development manager to enhance marketing.
Finance Yorkshire Chief Executive Alex McWhirter said: “This is a milestone deal as we pass £85 million of investments in 668 companies in Yorkshire, securing and creating over 8,000 jobs. Bridgeton Steel Structures is a great example of the type of companies that we’ve supported. There are few individuals with as much experience in building fabrication as Brian and we look forward to supporting him and his company as he expands and creates more jobs.”
Brian said: “Our software cuts out many of the costs associated with pre-build. It’s an ideal solution for SMEs that require new units. Rather than go to an architect and an engineer they can come to us where our software will automate these processes and quickly provide a cost and 3D drawings. We can design and deliver a fully engineered, low maintenance, integrated building system. The building can be put up within a week, depending on size.
“This is just the start. We are looking to set up a network of contractors and suppliers throughout the UK. There are also massive export opportunities throughout the developing world.”
David Kerfoot MBE, Vice Chairman at York, North Yorkshire & East Riding Local Enterprise Partnership said: "We are delighted that Finance Yorkshire has made this significant investment in the York, North Yorkshire and East Riding LEP area and wish Brian and the team every success and look forward to seeing them contribute to the economy.”
Bridgeton Steel Structures was advised on the deal with Finance Yorkshire by Asad Ali of Blacks Solicitors. Peter Considine, Edward Ainscoe and Tara Bray of law firm Walker Morris advised Finance Yorkshire. The deal was introduced to Finance Yorkshire by Steve Gledhill of SJG Consulting.
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. It has attracted £30 million 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, £15 million from UK Government and £45 million match funding from the European Investment Bank.
For more information about Finance Yorkshire, please visit www.finance-yorkshire.com or call 0845 649 0000.
Note: this news article is from Finance Yorkshire’s previous fund. Read more about Finance Yorkshire