Lumenata Lighting Design
Ultimate Finance Group
Region: North West
Programme: Investment Programme and our other commercial investments
Lumenata Lighting Design provides lighting design and installations for both commercial and domestic applications.
It had experienced a problematic 2014, which led to its bank withdrawing its funding with immediate effect.
Ultimate Finance Group saved the company from redundancies or possible closure by quickly providing a new factoring facility of £100,000. This enabled Lumenata Lighting Design to win a number of major contracts, leading to the dramatic increase in turnover.
Commenting on the situation the company found itself in, director of Lumenata Lighting Design, Paul Hindle said,
“I felt like I was going into panic mode when I received the email from my bank manager, as I could not operate without invoice finance. I was dealing with some large contracts and, while I was waiting to be paid for completed jobs, I needed working capital to buy components from the manufacturers for the new projects we had won. I was left completely in the lurch without any warning. Fortunately Ultimate Finance quickly understood the business, saw the potential for growth and had no hesitation in coming to my assistance by quickly providing the new facility, which saved us.”
Regional director at Ultimate Finance Group, Clive Briggs, is not surprised Lumenata Lighting Design is doing so well:
“Paul and his team have built an excellent reputation as a leading lighting design consultancy dealing with some blue chip clients across the UK. It was plain to see that the company had encountered problems due to unfortunate circumstances but it was clear that they had overcome them. Unfortunately the company’s bank did not recognise the cause of the blip nor the potential of the company and literally left them high and dry. SMEs are the life blood of this country and companies with the potential of Lumenata Lighting Design need the support of funders.”
The company is now expecting to increase turnover from £240,000 to more than £600,000 in 12 months leading to the creation of new jobs.