MG Electrical lighting the way thanks to £60,000 loan
MG Electrical, the Scarborough-based manufacturer and distributor of energy-saving lighting products, is moving ahead with expansion plans after securing a £60,000 loan from Partnership Investment Finance (PIF).
The company specialises in energy saving lighting products for offices, hospitals, retail areas, schools and other commercial buildings.
Its product range includes the 8to5 Energy Saver, which adapts standard strip lighting fittings to take energy saving fluorescent tubes, removing the need to install new light fittings and reducing energy consumption by between 45-65%.
The 8to5 Energy Saver will soon be installed in Leeds Hospital Trust buildings, Marks and Spencer, Asda, NcNaughton Paper Mills and in both secondary and primary schools across Yorkshire.
Ron Deakin, MG Electrical managing director, said: “We believe our 8to5 Energy Saver is the only product of its type to be endorsed by leading industry bodies LIF and CELMA and is CE and BS standard accredited.
“This backing underscores the quality of the product we deliver and PIF’s investment will help us develop our business further. The funding now enables us to take full advantage of the market following government legislation and a move to greener electrical solutions.”
Graham Leake, PIF senior lending manager, said: “In spite of the credit crunch, we are still keen to support businesses that have a compelling business proposition like this one.
“While clearly we cannot back every company that approaches PIF, we are now a proven and viable alternative to the high street banks.”
