Lincs events firm aims for £1m target after funding deal

LUX Technical, a Stamford-based specialist events company, has won two new installation projects and partnerships with three creative agencies in London following a five-figure loan from HSBC.

LUX Technical provides lighting, sound and video equipment. The firm has secured two bespoke lighting and audio installations in a Leicestershire school, and multi-purpose theatrical venue. HSBC’s five-figure loan will enable the business to deliver these projects.

The project and partnership wins mean that LUX will recruit additional staff, including an operations manager and sales support. The business also hopes to increase its turnover by 20% from £800,000 to £1m by the end of this financial year.

In addition, LUX will be focusing on developing its virtual reality expertise over the next three years, providing bespoke interactive experiences for global brands through its partnerships with creative agencies.

Peter Gibbons, managing director of LUX Technical said: “LUX is about making the world of technology accessible to all. We thrive off the variety of events we get to work on, from small scale conferences to large immersive experiences.”

“The world of virtual reality is an area we’re currently expanding in and we’re also taking our relationships with agencies overseas. It really is an exciting time for us and HSBC’s support has enabled us to take on more projects and partnerships, as well as diversify our business.”

Paul Armstrong, HSBC area director in Lincolnshire and the Fens, added: “As a small business, LUX Technical needed a flexible banking solution to help the business deliver projects as part of a multi-supplier chain. HSBC is continually innovating to meet evolving customer expectations and we’re delighted to be able to support British businesses like LUX Technical.”

The funding was arranged by HSBC relationship manager, Stephanie Crowson.

LUX has banked with HSBC since 2013, following an acquisition loan that enabled the business to purchase an existing lightning company in Leicestershire.