Lighting firm assured of brighter future after £1.2m funding boost
A WORCESTERSHIRE lighting specialist is targeting a brighter future after securing a £1.2m funding boost.
Lightsense UK, based in Bromsgrove, is the latest company in the area to win backing from Finance Birmingham’s new £56m Mezzanine Fund, the largest individual growth capital fund for SMEs in the West Midlands.
The fund, which is supported by the Government’s Regional Growth Fund, is expected to create or safeguard more than 5,000 jobs by helping more than 40 West Midlands businesses. The lighting firm will also benefit from an investment from Finance Birmingham’s £9m debt and equity fund.
Lightsense is one of the one of the country’s leading commercial lighting specialists and the funding will enable the company to achieve ambitious expansion plans. It aims to double staffing numbers from 12 to 24 as it looks to increase order volumes and meet demand from a number of blue-chip customers.
Founded in 2012, Lightsense designs, develops and manufactures LED and induction lighting systems, which are increasingly favoured by environmentally conscious business sectors throughout the UK due to their long life span, light output and cost efficiency. Since inception, the company has built a large portfolio of high-ranking business accounts across the UK and also manages its own overseas manufacturing operations trading through either its LSUK (corporate) or Heritage Lighting brands.
Ian Thomas, Managing Director of Lightsense, said: “In the space of two years, we have gone from a start-up business to a major player in the commercial lighting industry, creating effective solutions for our clients in a financially-pressured, environmentally-conscious market place.
“These are exciting times for LSUK. Finance Birmingham’s investment ensures that we are able to further develop the range of our products to a growing number of large corporate customers, while looking to double our Bromsgrove workforce to deal with an increased demand.”
Marcus Hook, Investment Manager of Finance Birmingham, said: “The LED lighting market has experienced considerable growth over the past few years, showing little sign of slowing down. LSUK has impressively capitalised on recent advances in this sector – our funding will help the firm to fulfil customer demand and continue to grow an impressive customer list, both in this country and overseas.
“The deal to provide investment to LSUK was completed in just over a month – a very fast turnaround. We recognise that time is key for businesses experiencing growth and, by moving quickly, we are allowing the company’s management team to focus on its business operations and achieve exciting future plans.”
Odyssey Corporate Finance advised LSUK. Ray Harris, Director of Odyssey, said the funding would allow Lightsense to deliver on its massive potential.
“We like to work with exciting, growing businesses and we are delighted to have helped LSUK in this period of its growth,” he said.
Jo Bligh, Director of Thinking Legal, provided legal advice to Lightsense, while Finance Birmingham was advised by Freeths Solicitors.