Lighting firm shines thanks to funding package
A Preston-based business which provides specialist LED lighting for property developments is experiencing rapid growth after securing a number of significant contracts and an innovative trade finance agreement with Creative Capital.Lumenata Lighting Design, which is based in Bamber Bridge, designs, supplies and installs fully customised lighting schemes for commercial and residential properties in the UK and Europe.
Established in 2006, the business boasts a diverse client base including office developers, public sector organisations, owners of private residential properties and operators of hotel, retail and leisure facilities.Recent high profile work includes projects at London’s iconic Shard building, Coventry City Football Club and a fit out for health and beauty retailer Bodycare’s 120 stores nationwide.
In the North West clients include Blackburn Rovers Football Club, Royal Preston Hospital, Chorley Market and a number of Premier League footballers who have used its services to create impressive lighting features in their homes.A rapid rise in demand has seen the business’ turnover reach £600,000. The company, which currently employs four people, is now planning to create a number of new jobs over the coming months.
Lumenata Lighting Design’s growth is being supported by a package of short-term trade finance facilities supplied by independent alternative lender Creative Capital. The funding is providing a rapid working capital boost so that the business can purchase and import the stock needed to secure and fulfil large new contracts.Paul Hindle, managing director of Lumenata Lighting Design, said: “We’ve seen a dramatic rise in demand over the past 12 months as architects, developers and interior designers are increasingly looking to create, high-tech LED lighting solutions to give their buildings real stand out appeal.
“We’re in a strong position to further capitalise on this as we are one of the few specialist businesses capable of designing and delivering complex and custom lighting installations using the highest quality components.“Creative Capital has been an important enabling factor in our growth. Other lenders were unable to provide us with trade finance facilities we needed to secure and fund major new contracts. They moved quickly to provide a tailored package that bridges the gap between the purchase of significant quantities of stock and receiving payment from the client.”
Keith Bolton, director of trade finance at Creative Capital, said: “We look at each business on its own merits and could see that whilst Paul and the team are in a strong position within a growing market, they need additional financial headroom to take on large opportunities.“Trade finance can be overlooked by SMEs as it’s often associated with larger businesses and is rarely offered on a limited ‘one off’ basis by established traditional lenders. “We launched our facilities last year to plug that gap. Short-term, transparent trade finance facilities suit smaller businesses who want to use it tactically to boost working capital and support cash flow around larger contracts.”