(l-r) Alex McWhirter, chief executive of Finance Yorkshire, and Aidan Mulrooney, managing director of Luxair UK.
A Ripon-based company which specialises in domestic cooker hoods and extraction technology is targeting £4m turnover this year after a period of rapid growth.
Ripon-based Luxair UK supplies a range of designer kitchen extraction hoods to trade and consumer markets across the UK.
The firm – which employs 14 people at its base at Melmerby Business Park – achieved £3.2m turnover last year. Founder and managing director Aidan Mulrooney is forecasting further growth following a £1.5m surge in internet sales.
Backed by a £100,000 business loan from Finance Yorkshire, Luxair is now moving into the bathroom and hotel sector having developed bathroom cabinets with built-in extractor fans to prevent mirrors becoming steamed up. Further new products are being designed including induction hobs with built-in extractors.
Aidan said: “Over the last three years we have gone from strength to strength and the signs for more growth are looking good. We have built a strong UK brand and a reputation for supplying high quality products which incorporate the latest innovations in design and functionality.”
Like many companies, Luxair faced a challenging period during the economic downturn but with Finance Yorkshire support, the company identified a strategy to continue and grow.
Aidan said: “At the time, I needed support to find new suppliers and get stock back into our building. We went through the mill to say the least but are back now and doing really well.
“The support from Finance Yorkshire has been invaluable – I couldn’t have done it without them.”
In addition to the £100,000 business loan, Finance Yorkshire has made two previous investments in Luxair totalling £125,000.
Chief executive Alex McWhirter said: “With the support of our investments and a huge amount of work and determination, Aidan and his team have ensured the survival and growth of the business.
“The company is well placed to achieve strong sales this year and cement its position as a leading supplier of high quality kitchen and bathroom products to UK and European markets.”