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Fastener & Application Testing
Design & Development of bespoke Fasteners
A DONCASTER firm is hoping to tighten its grip on the market thanks to a £100,000 loan from South Yorkshire Investment Fund.
Northern Precision Ltd, which formed as a three-man operation in 1996, has become an industry leader in sheet metal fasteners.
The company has now moved to the Durham Lane industrial area in Armthorpe as part of this latest development.
The company is delighted with the move and managing director Tony Mortlock was full of praise for the SYIF support.
“Our move to Durham Lane is the latest strategic development that will ensure the company remains unrivalled in the fastener supply industry – throughout the UK and abroad.
“The support we have received from the South Yorkshire Investment Fund has proved invaluable in helping us realise our ambitions of having a working environment that is the envy of the industry.
“The investment has not only helped secure a number of jobs at Northern Precision, but combined with other initiatives will also prove to be a very effective springboard for Northern Precision’s continued success, which in turn will mean the creation of more job opportunities.”
Helping the company on its way is business development specialist Steve Wilson of Doncaster accountancy firm Thieme and Co.
He will act as a mentor to Northern Precision for the forseeable future as part of SYIF's commitment to helping small and medium-sized firms grow and expand.
The loan deal was introduced to SYIF by Alan Scott of Business Link.
SYIF Investment Manager Andrew Chaffer said: “This is a modern, forward-thinking company that is keen to grow and keep on growing.
"Northern Precision is just the kind of business the Fund looks to get involved with."
EDITOR’S NOTES
South Yorkshire Investment Fund can provide loan and equity linked investments, ranging from £15k to £2.5m, specifically to help small and medium businesses meet the gaps in funding they need for growth and development.
Created as part of the Objective 1 programme, the Fund is a private and public sector business finance provider. The European Regional Development Fund is an investor in the Fund.
South Yorkshire Investment Fund also provides access to Business Angel investments from the Yorkshire Association of Business Angels.