News: EV acquires Finance South Yorkshire
EV, the venture and growth capital fund manager, has acquired Yorkshire-based F4Y Limited and its trading company, Finance South Yorkshire (FSY) in a transaction which increases EV's funds under management to c.£130m.
FSY is the fund manager of the £27m Finance Yorkshire Small Loans Fund which was launched in 2010 to offer loans to early stage and established SMEs in the Yorkshire and Humberside region. FSY's team of ten investment and support staff will bring the total EV group employees to 32.
EV does not intend to change the way the business is run. Tony Goulbourn will continue in the role of Chief Executive, leading an unchanged team. Similarly, there are no plans to alter FSY's strategic direction and marketing approach working within the brand of Finance Yorkshire.
Jonathan Diggines, Chief Executive of EV, said: "Following the acquisition of F4Y, EV now has in excess of £30m of SME loan funds available for companies located throughout the North of England, from the Mersey to the Humber, providing EV with a platform for growth in the vital area of supplying capital to growing SMEs throughout the UK.
"In the current economic climate, SMEs are facing real problems in gaining access to the funding they require to support growth. The EV team has a long track record supporting SMEs with equity and debt, and the acquisition of FSY strengthens its position in the market."
Tony Goulbourn of Finance South Yorkshire added: "Working with EV will strengthen our service offering, but it is very much business as usual, based on our strng working relationships with Finance Yorkshire, financial intermediaries and small businesses."
Finance South Yorkshire (partnering with Finance Yorkshire) are looking to create the Early Stage Growth Fund by bidding for £1m from the European Regional Development Fund. The fund would fill a clear market failure gap outside the current Finance Yorkshire portfolio of funds identified from early investment experience. The gap exists because the Finance Yorkshire Business Loans Fund can only support a limited number of early stage businesses.
If approved, the fund would help create 70 new businesses with 200 SMEs assisted, 150 jobs created and 100 jobs safeguarded up to 2016.
EV website
Finance Yorkshire website
FSY is the fund manager of the £27m Finance Yorkshire Small Loans Fund which was launched in 2010 to offer loans to early stage and established SMEs in the Yorkshire and Humberside region. FSY's team of ten investment and support staff will bring the total EV group employees to 32.
EV does not intend to change the way the business is run. Tony Goulbourn will continue in the role of Chief Executive, leading an unchanged team. Similarly, there are no plans to alter FSY's strategic direction and marketing approach working within the brand of Finance Yorkshire.
Jonathan Diggines, Chief Executive of EV, said: "Following the acquisition of F4Y, EV now has in excess of £30m of SME loan funds available for companies located throughout the North of England, from the Mersey to the Humber, providing EV with a platform for growth in the vital area of supplying capital to growing SMEs throughout the UK.
"In the current economic climate, SMEs are facing real problems in gaining access to the funding they require to support growth. The EV team has a long track record supporting SMEs with equity and debt, and the acquisition of FSY strengthens its position in the market."
Tony Goulbourn of Finance South Yorkshire added: "Working with EV will strengthen our service offering, but it is very much business as usual, based on our strng working relationships with Finance Yorkshire, financial intermediaries and small businesses."
Finance South Yorkshire (partnering with Finance Yorkshire) are looking to create the Early Stage Growth Fund by bidding for £1m from the European Regional Development Fund. The fund would fill a clear market failure gap outside the current Finance Yorkshire portfolio of funds identified from early investment experience. The gap exists because the Finance Yorkshire Business Loans Fund can only support a limited number of early stage businesses.
If approved, the fund would help create 70 new businesses with 200 SMEs assisted, 150 jobs created and 100 jobs safeguarded up to 2016.
EV website
Finance Yorkshire website
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