NPIF invests £100k into 'pioneering' regional lighting firm
A regional company which designs low-energy lighting is to launch a new product to be manufactured in the North with the help of a £100k loan from NPIF - Mercia Debt Finance.
The fund 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 many so-called innovative eco-friendly lighting products in recent years.
Its products are used by 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.
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.”
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.
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 Small advised MG Lites on the fundraising.