Finance Yorkshire: Manufacturing growth

Finance Yorkshire: Manufacturing growth

Finance Yorkshire is driving growth in the manufacturing sector after investing over £30m in SMEs across the region.

The past year has seen a number of major success stories for Yorkshire manufacturing with Burberry and Harrison Spinks just two of the firms committing their future to the region.

With a huge focus on manufacturing, Finance Yorkshire has made more than 200 separate investments totalling £30.8m, representing 32% of the fund’s total investments.

Support from Finance Yorkshire’s equity linked, business loan and seedcorn funds is helping manufacturers 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 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 said: “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, added: “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.”

To date Finance Yorkshire investments have enabled companies to increase their turnover by £352m and attract a further £187m 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.