It's Good News for Tyre Giant and Scottish Media Company as loans fund exceeds c2m mark to help fund |
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Last Updated ( Tuesday, 31 July 2007 )
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One of Scotland's most established press agencies is embarking on a cross border publishing invasion in England thanks to financial assistance from Michelin Development's business loans scheme.
Scottish News Agency, which provides daily e-newsletters and updates for the construction industry in Scotland and London, has just launched new regional versions of its Scottish Construction News e-mail newsletter in the North West,North East and Yorkshire areas of England. Their publishing expansion south of the border has been made possible through funding provided by Michelin Development's business loans scheme, which has passed the ｣2m mark.
With the financial assistance provided to Scottish News Agency and other small to medium sized companies in the UK, Michelin Development – part of Michelin Tyre Plc - has broken through the ｣2 million barrier in loans given to help growing companies in the UK. Michelin Development Ltd is dedicated to helping small and medium sized businesses in areas such as Dundee where Michelin has present or historic links with the community.
The Stoke-on-Trent based operation helps growing businesses by sourcing competitive loans and offering free business advice. Michelin Development's cash injection has helped Scottish News Agency launch its foray into the English publishing market, with early results showing a promising return on the investment.
Graham Ogilvy,Managing Director of Scottish News Agency, said: “We launched the newsletter service in the North West, North East and Yorkshire regions of England a couple of months ago and the returns are already exceeding expectations. We initially planned for around 5,000 readers but that circulation figure has already shot up by more than 600 than we first anticipated.
“The investment from Michelin Development has been instrumental in enabling us to spread our operations south of the border. The loan is ｣16,000, allowing us to purchase new computers and software systems and take on two new staff. This has played a major role in taking the business forward into the English regions and will form the bedrock for further plans to launch the newsletter service into the West Midlands, the East and South East of England later in the year.
“It's a real badge of honour to be attached to Michelin Development's business loans scheme and I would thoroughly recommend it to any business.”
Another Dundee company to benefit from the Michelin Development business loan scheme is Comms Dot Com, a data and telecoms engineering company, who were loaned ｣26,000 during the last year. They will use the money to secure new premises in Dundee before beginning work on
British Telecoms new BT21CM initiative, for which they are the preferred engineering sub-contractor.
Ray Sunnie, Managing Director of Comms Dot Com, said: “Michelin Development's investment was vital in getting the project off the ground. I had the idea and the sector was receptive to us as a company but it was the money from Michelin that made it happen.
“We have used the financial assistance to help us secure premises in Dundee and release cash flow into the business. It has helped us create around six engineering jobs and with the work in place on the BT initiative, hopefully more jobs will follow in the future.”
Comms Dot Comm are hoping to be able to offer jobs to workers made redundant from the NCR manufacturing company, with around 30 CVs received from ex-NCR workers. Michelin Development's input will continue beyond the initial loan, with experts from Michelin's web and sales and marketing teams – Michelin Development business loans scheme provides specialist business support and advice alongside the cash loans - providing help in launching the Comms Dot Com business
Simon Goring,Business Development Manager for Michelin Development's Dundee region said: “Since 2004 we have made loans totalling ｣441,000 to companies in the Dundee region and have helped create 219 jobs.
“This region is one of the main beneficiaries of the ｣2 million which Michelin Development has invested in small businesses in the UK. I'm sure our decision to go even further into the Dundee region will be greatly appreciated by businesses and councils alike as it signals our intent to support the area in future years.”
Over the four years since it was formed in the UK, Michelin Development has helped around 80 new enterprises in industries as varied as engineering, construction, IT and fine china. Michelin Development is in the next year looking to loan a further ｣1 million, help another 30 companies and create a further 250 jobs. Interested parties should refer to www.michelindevelopment.co.uk to see how to qualify.
Michelin has been established in the UK for 100 years and has manufacturing and commercial premises on five sites throughout England, Scotland and Ireland. In addition to tyres the Company produces its famous range of Michelin hotel & restaurant guides and maps.
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