A £50,000 Business Loan is providing vital working capital for an ambitious ventilation firm based in Goole.
LeighTec, which has established itself as the UK’s leading specialist in commercial kitchen ventilation systems, will use the investment from funding body Finance Yorkshire to develop existing contracts and establish a duct manufacturing facility in-house.
The firm, which counts Claridges, the Houses of Parliament and the OXO Tower among its clients, is also rapidly winning public sector contracts, particularly with schools and universities.
LeighTec designs, manufactures and installs bespoke ventilation systems, and is committed to developing newer and more innovative methods of ventilation control and eco-friendly technology.
The deal was introduced to Finance Yorkshire by Ian Parsons of Parsons Accountants.
Commenting on the investment, LeighTec Managing Director Robert Leigh said: “This is a period of growth for the business. We have a good order book for the Summer and the Business Loan from Finance Yorkshire will allow us to make the investments needed.
Finance Yorkshire Investment Manager Ian Atkinson said: “LeighTec is an established company with a committed management team which has been bold in looking to expand the business post-recession.
“We have every confidence that this Business Loan will be a catalyst for their further growth, particularly in the public sector.”
To date, Finance Yorkshire has made 616 investments totalling over £76 million.
Finance Yorkshire provides seedcorn, loan and equity linked investments, ranging from £15,000 to £2m to help a range of small and medium sized businesses to meet their funding requirements for growth and development.
The project is supported financially by the European Union. It has attracted £30million investment from the European Regional Development Fund (ERDF) as part of Europe’s support for the region’s economic development through the Yorkshire and Humber ERDF Programme, £15million from UK Government and £45million match funding from the European Investment Bank.
