AN INVESTMENT in a York-based steel-frame building specialist has seen regional funding body Finance Yorkshire pass the £85 million investment mark.

The £450,000 investment in Bridgeton Steel Structures (BSS), based at Elvington, means Finance Yorkshire has now made 668 investments in businesses across Yorkshire and Humber, with its £90 million fund set to be fully invested by the end of the year.

BSS uses its own computer-aided design (CAD) software to design lightweight, steel-framed building systems, ranging from standard industrial units to architecturally-driven solutions.

The buildings are used in a wide range of sectors including retail, agri-business, waste management, renewable technology and local authorities. Recent developments include a distribution centre for a confectionery business in Devon.

BSS was founded in 2012 by managing director Brian Garvey, who worked on the Athens Olympics in 2004, and his wife Jacquie.

The £450,000 equity linked investment from Finance Yorkshire will be used to support the development of the business, including, enhancing its CAD software design capabilities, recruiting technical project managers and hiring a business development manager to enhance marketing.

Finance Yorkshire chief executive Alex McWhirter said: "This is a milestone deal as we pass £85 million of investments.

"Bridgeton Steel Structures is a great example of the type of companies that we’ve supported.

"There are few individuals with as much experience in building fabrication as Brian and we look forward to supporting him and his company as he expands and creates more jobs."

Mr Garvey added: "This is just the start. We are looking to set up a network of contractors and suppliers throughout the UK. There are also massive export opportunities throughout the developing world."

Bridgeton Steel Structures was advised on the deal with Finance Yorkshire by Asad Ali of Blacks Solicitors. Peter Considine, Edward Ainscoe and Tara Bray of law firm Walker Morris advised Finance Yorkshire. The deal was introduced to Finance Yorkshire by Steve Gledhill of SJG Consulting.

David Kerfoot vice chairman at York, North Yorkshire & East Riding Local Enterprise Partnership said: "We are delighted that Finance Yorkshire has made this significant investment in the York, North Yorkshire and East Riding LEP area and wish Brian and the team every success and look forward to seeing them contribute to the economy."

Finance Yorkshire provides seedcorn, loan and equity linked investments, ranging from £15,000 to £2 million 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 £30 million 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, £15 million from UK Government and £45 million match funding from the European Investment Bank.