LED firm MHA secures £1.5m investment

LED lighting manufacturer MHA Lighting has secured £1.5m from private equity investors.

The Atherton firm has attracted £750,000 from the North West Fund which has been matched by Cayman Islands-based Harwell Capital.

The business, which has 34 staff and turnover of £1.5m, plans to use the cash to invest in research and development and expand its manufactuting capability.

Managing director Tom Harrison, who founded the firm in 2009, said: “This is a landmark investment which will enable us to take our business to the next level both in the UK and internationally.

“All our lighting is designed, developed and manufactured in the North West. We are completely committed to growing our manufacturing presence in the UK and expanding our customer base of blue-chip organisations.”

The European Union-backed North West Fund has invested through the fund for Energy & Environmental, managed by CT Investment Partners. Partner Adam Workman said: “We are really pleased with this investment in MHA Lighting. The company has a highly-motivated and skilled workforce that has manufactured a product that can shine light sideways into an encapsulation, providing safe and efficient light output.

“MHA has spotted a significant gap in the market by developing innovative, unique and cost-effective lighting solutions. We expect the business to continue its rapid growth and deliver pioneering solutions to both public and private sector clients.”

Its LEDs, which consume less power than conventional lighting, have already been installed at Manchester Airport’s multi-storey car parks, a move which is understood to have cut power bills by more than 50%.

Cormorant Corporate Finance advised MHA on the transaction. KBL Solicitors provided legal advice to the company and Brabners Chaffe Street advised The North West Fund for Energy & Environmental. Technical due diligence was carried out by C-Tech Innovation.