Owners buy back lighting retailer LED Hut

Owners buy back lighting retailer LED Hut

The former financial director of Manchester-based online lighting retailer LED Hut has bought back the company from US venture capitalists in a bid to secure jobs and future growth.

The company, which merged with US company Batteries Plus in 2014, has now been bought by former LED Hut financial director Clive Brown and his business partner Simon Boyle – between them they have over 30 years-experience at director level in SMEs and blue chip companies.

Established in 2011, LED Hut currently employs 60 people at its head office in Manchester and recorded a turnover of over £18m in 2015. The company has sold over eight-million light bulbs in the last five years, providing lighting solutions to over 250,000 homes in the UK. 

Clive Brown, LED Hut’s new CEO and MD has worked across a number of industries, holding senior positions at Elopak UK Ltd, Photronics UK Ltd, Pharmapac UK Ltd and Schlumberger before setting up his own company, Browns Consulting Services, in March last year, providing business, financial and IT services to SME’s.

Co-owner and COO at LED Hut, Simon Boyle, is a business consultant who previously held the position of Financial Controller at Elopak UK Ltd for seven years. He has worked with a number of SME’s during his career, providing financial and business expertise. 

The duo are now looking to build on the company’s success with the aim of increasing turnover by 15% in the next 12 months.

Clive Brown said: “Having worked at LED Hut as financial director for the last seven months I know that we have a sound business that’s profitable with plenty of untapped potential.

“Now that the business is back in our control we can create stability as well as push forward with new ideas without being constrained by the US parent company; where the market is very different compared to here in the UK. 

“We are a thriving online LED lighting business, with an established database of retail and trade customers, so we’re ideally placed to capitalise on the rise of LEDs as previous technologies continue to be retired.

“Over the next twelve months we will look to expand our product range and promote the business with targeted marketing campaigns.”

 

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