Electrastar secures Finance Yorkshire backing
FIBRE optic cable specialist Electrastar has become one of the first businesses in Hull to benefit from Finance Yorkshire investment.
The company has secured a £25,000 business loan to improve its equipment from the £90m fund established to support businesses in the region with seedcorn, loan and equity-linked investments.
Electrastar director Rob Dixon said: “More and more places need faster broadband, wireless networks and other communications networks. As systems are upgraded to embrace next generation technologies the demand for Electrastar’s services will only grow.
“In our industry the biggest thing is the cost of the equipment to do the work. As this is such a niche market, kit is rare and comes from all over the world. It can cost between £1,000 to £20,000 and money we have borrowed will be spent on servicing current equipment and buying more so the company can carry on developing.
“We may diversify in the future to stay up to date and now we have the capabilities to do so. Technology is always moving forwards so the worst thing to do in our sector is stay stagnant.”
Electrastar, which was set up four years ago, is currently installing security measures and CCTV into the Docklands Light Railway system in preparation for the Olympic Games with previous clients including Manchester United’s Old Trafford Stadium.
Ian Atkinson, investment manager at Finance Yorkshire, said: “Electrastar are a sound business helping to drive the country’s digital enterprises forward as well as installing state of the art technology so many every day services and products can operate to a higher standard.
“The business enjoyed a successful partnership with PIF and we’re pleased we can continue the relationship to develop a business with the potential to thrive and possibly increase employment in the area.”
If you’re not getting our daily emails, your competitors will be. Click here to check your account settings.
