Funding from Finance Yorkshire helps architectural systems firm build for the future
An architectural systems company is looking to grow its business and its workforce after putting in place firm foundations with Finance Yorkshire.
Based in Denaby Main, Doncaster, Senior Architectural Systems Ltd supplies a range of fenestration systems for fabricators, architects and contractors working on commercial building projects.
Established in Bradford in 1991, Senior Architectural Systems moved to its Doncaster base in 2002 and currently also has factories in both South Wales and Scotland.
The company has supplied products and systems for buildings across the UK including the new Harrogate Grammar School, York University, the Grand Pier in Weston-Super-Mare and Holiday Inn Express in Sheffield.
Now, thanks to a £100,000 business loan from Finance Yorkshire, the company, which already exports to Ireland and the US, is looking to expand further.
Managing Director Lennart Jonsson said: “Last year we had a turnover of £25 million but this year we should be closer to £30m, so looking ahead we’re hoping to employ more people and invest further in the business by developing new product lines.
“We are using the funding to buy extra stock for the glass business and for general cash flow purposes. The market is very tight at the moment so cash flow is more of an issue for all sorts of businesses which means that our customers may not be able to pay us as promptly and that can have a knock-on effect.
“We originally received help from Finance Yorkshire’s predecessor South Yorkshire Investment Fund (SYIF) in 2005. We later bought a glass factory in 2009 and they helped us once again then.
“Based on our previous experiences with SYIF, we knew that Finance Yorkshire would be just as easy to work with. They have been very quick in dealing with our application and vey straight forward.
“Equally they know us well as a company and so we benefit from that well-established relationship.”
Finance Yorkshire Portfolio Manager David Ward said: “Cash flow requirements are one of the main reasons why businesses encounter difficulties, which underlines the importance of Finance Yorkshire‘s role in assisting viable businesses with their growth and ambitions.
“We’re very pleased to have been able to develop further our relationship with Senior Architectural Systems.”
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.
Finance Yorkshire has invested over £13 million in companies throughout Yorkshire and the Humber, levering £2.26 to every £1 invested generating approximately £27m in additional private sector leverage.
The project 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