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|Lighting consultancy acquires manufacturer with help from Ultimate Finance|
|Friday, 22 April 2016|
Bright Energy Solutions (BES), which provides innovative LED lighting products for commercial and industrial use, has acquired electronic design and assembly specialists, Laystone Limited in order to provide a full service to its clients.
The 100 per cent acquisition was via funds provided by the BES directors together with a £125k invoice finance facility against Laystone’s invoices, and £20k raised against its assets, both of which were arranged through Ultimate Finance.
Since the acquisition three months ago, turnover has risen by 27 per cent, on the same period last year, and the company has received a £115,000 order for a bespoke lighting design for display stands from a major supermarket group.
Prior to the acquisition BES had a long standing relationship with Laystone, as it used the company to manufacture bespoke light fittings for its clients. As part of BES Holdings, the two companies can now provide businesses with everything from consultancy and design through to manufacture and installation.
The purchase also enables BES to diversify into other areas, as Laystone has contracts to design and install Printed Circuit Boards and transformers into a number of airports.
Speaking about the strength of the combined company, operations director of BES Holdings, Steve Masidlover, said, “We had Laystone in our sights as an acquisition target for some time, as it provided the perfect fit. Being able to go to potential clients with the complete lighting solutions package has put us at a great advantage over our competitors and we are already seeing the results in new orders.
“The stumbling block was raising funds for the acquisition. I was therefore delighted when Ultimate Finance suggested we factor Laystone’s outstanding invoices.
“They also took the pressure off BES’s cashflow by arranging a £50k invoice finance facility against our own invoices, enabling us to take on the extra work we were able to attract following the deal.” Regional director of Ultimate Finance, Matthew Speed, had no hesitation in arranging both invoice finance facilities.
“Having met with Steve and his colleagues it was plain to see that there is huge potential with the two companies joining forces.
“Their vision, together with business acumen, has already started to achieve impressive results since the acquisition and I am very confident that BES Holdings will continue to go from strength to strength.”
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