Finance Yorkshire hits £80m funding milestone with latest investment
AN investment in a successful Humber firm has taken Finance Yorkshire to a new milestone of £80m invested in businesses and says it is on track to fully invest its £90m fund.
The regional funding body has now made 641 investments in businesses across Yorkshire and Humber, creating and safeguarding 7,877 jobs and increasing collective turnover by £215m.
A strong pipeline of both new and follow-on investment opportunities for the final quarter of 2014 will ensure that the fund is fully invested by the end of the year.
Its £500,000 Seedcorn investment in Claughton Office Equipment has given the Melton based firm the boost it needs to double in size within the next three years.
Managing director Gerard Toplass, who led a management buyout of Claughton Office Equipment in 2008, said: “In the last six years we have evolved from a low-volume furniture manufacturer to a national business specialising in modern environments for the education sector.
“This investment will unlock the potential for us to become one of the top three in our field in the UK, allowing us to employ more sales people and increase our geography. Finance Yorkshire is more than an investor, it is a trusted partner in our growth, and we would urge other businesses in the region, and particularly in the Humber, to make their ambitions a reality by getting in touch with Finance Yorkshire.”
Claughton Office Equipment designs, manufactures and fits furniture solutions for schools, colleges, universities, and public and commercial offices. It is committed to revolutionising teaching and learning environments, and is at the heart of a growing sector – there are in the region of 30,000 schools in the UK and Government spend on modernising them is increasing year on year.
The business now employs almost 40 people and has invested heavily in a purpose-built factory alongside a dedicated product design and space planning department.
Finance Yorkshire chief executive Alex McWhirter said: “Businesses such as Claughton Office Equipment are the lifeblood of our regional economy, and we are passionate about continuing to invest in them.
“We are working on a significant number of new and follow on investment opportunities – the current fund will be fully invested by the end of this year.
“In a climate of economic uncertainty it is vital that Finance Yorkshire continues to support SMEs across the region which otherwise may find it difficult to access crucial funding via the more traditional routes. Consequently, we are working with our stakeholder organisations to ensure that there is continuity to business investment in Yorkshire and the Humber during 2015 and in the future.”
