A Yorkshire company which is a pioneer in the design of low-energy lighting is to launch a new product to be manufactured in the North with the help of a £100,000 loan from NPIF – Mercia Debt Finance, which is managed by Mercia Fund Managers and part of the Northern Powerhouse Investment Fund.
MG Lites Energy Saving Solutions, which is based in Doncaster, has been responsible for some of the most innovative eco-friendly lighting products in recent years. Its products are used by leading supermarkets, pub chains, councils and universities and feature in many landmark buildings including Lambeth Palace and Abbey Road Studios in London, Corfe Castle and Doncaster Airport.
The company was founded by Michael de Carolis and Keith Steele, who have many years’ experience in the industry. One of their first designs, the 8to5EnergySaver, won the Shell Springboard Award in 2007, as one of the products that best combat climate change, and the company has remained at the forefront with a string of product firsts. MG Lites’ products are recognised by the UK Carbon Trust which means users are often eligible for government grants.
The funding will allow the company to launch a new LED low-bay lamp for use in warehouses, which will be produced on contract at a factory in Oldham. The company has previously manufactured in the Far East.
Michael de Carolis, CEO of the business, said:
“Low-energy lighting can save users around 70 per cent on energy costs and, given that some bulbs need replacing only once in 24 years, it can also significantly reduce maintenance costs. This investment will allow us to produce a dedicated product for the warehouse sector and, better still, to start manufacturing in the UK which will give us greater control over the supply chain.”
Peter Sorsby, Investment Manager with Mercia Fund Managers, added: “MG Lites has built a reputation as an innovator in its field. The funding will allow it to further extend its range and maintain its position ahead of the market.”
Mark Wilcockson, Senior Manager, UK Network at British Business Bank, said: “Energy saving has become a huge topic for many businesses in recent years. MG Lites has developed a number of innovative products that have helped corporates reduce their carbon footprint, and its latest development is no different. Having already worked with some of the UK’s most recognisable buildings, the company has gained an excellent reputation and it is now well placed for further growth.”
Mark Small advised MG Lites on the fundraising.
The Northern Powerhouse Investment Fund project is supported financially by the European Union using funding from the European Regional Development Fund (ERDF) as part of the European Structural and Investment Funds Growth Programme 2014-2020 and the European Investment Bank.
Enterprise Ventures Limited is authorised and regulated by the Financial Conduct Authority (FRN: 183363). EV Business Loans Limited is authorised and regulated by the Financial Conduct Authority (FRN: 443560).