Finance Yorkshire boosts region’s manufacturers

Left to right: Alex McWhirter, Chief Executive of Finance Yorkshire, and Chris Wilkinson, Director of Pennine Environmental Services.

Finance Yorkshire has now invested more than £30 million in SME manufacturers, enabling companies across Yorkshire and the Humber to invest and drive the sector forward in 2016.

The Fund has made more than 200 separate investments totalling £30.8 million in companies specialising in engineering, industrial products and materials. This represents 32% of Finance Yorkshire’s total investments.

Support from Finance Yorkshire’s Equity Linked, Business Loan and Seedcorn funds is helping manufacturers to invest, create jobs and exploit new market opportunities.

Alex McWhirter, Chief Executive of Finance Yorkshire, said: “Manufacturing has a long-established heritage across Yorkshire and Humber and our funding is helping to create sustainable growth for over 200 SMEs in the sector. The region’s manufacturers are flying the flag throughout the UK and beyond, and we’re passionate about helping them succeed and ensuring our rich manufacturing tradition continues to flourish.”

Among the businesses to have benefitted from Finance Yorkshire investment and support is Pennine Environmental Services, an independent industrial refrigeration and process cooling specialist based in Leeds. Most recently, a £150,000 Business Loan provided working capital to help the business achieve one of its strongest years on record.

Director Chris Wilkinson said Pennine, which is the only surviving UK producer of poultry air chiller equipment, is going from strength to strength as a result of Finance Yorkshire’s most recent investment and has just enjoyed its most successful financial year to date.

He added: “Investment from Finance Yorkshire has undoubtedly been instrumental in the business broadening its horizons. The working capital enabled us to take on our first ever order from overseas and things are really just going from strength to strength.”

Andy Tuscher, Region Director at EEF, the manufacturers’ organisation said: “Despite the recent downturn in manufacturing, there are companies within the sector who are continuing to invest and help drive the region’s manufacturing sector forward. They are bucking the trend with support from Finance Yorkshire.”

Bridgeton Steel Structures, which secured a £450,000 Equity Linked cash injection has developed its own proprietary software to design lightweight, steel-framed building systems. As a result of the 2014 investment the York based business was able to enhance its software capabilities to expand the range and type of buildings it can design and supply in Light Gauge Steel. As a result of the investment the company has recruited technical project managers and also hired a business development manager and support personnel.

Hull based Envirodoor has achieved the distinction of attracting over £1m in total from Finance Yorkshire. The business, which manufactures and supplies specialist industrial and hygienic doors internationally, most recently secured a £550,000 Equity Linked sum. It has been invested in newly-acquired businesses which now make up the de-Villamar Group, of which Envirodoor is part.

To date Finance Yorkshire investments have enabled companies to increase their turnover by £352 million and attract a further £187 million from other private sector sources. Through that activity Finance Yorkshire investment has helped those SMEs to create and safeguard 10,670 jobs in Yorkshire and the Humber.

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