Home technology firm banks on growthLast updated on: May 26, 2016, Author: Editorial Team
Birmingham-based home technology firm LightwaveRF has secured £1.1m bank facility to help expand its UK and international distribution footprint.
The firm, based at Innovation Birmingham campus, is the Internet of Things provider of the LightwaveRF platform and connected devices enabling domestic and commercial users to remotely monitor and control light, heat, power and security via a smartphone, tablet or computer.
Last month it forecast a sales growth of more than a third for the second half of the year as awareness of its products rises.
It has now agreed a new £1.1m working capital facility with Santander while the stock market-listed company will move all of its banking over. The facilities include both discreet invoice financing and trade financing to support an anticipated increase in sales volume.
Kevin Edwards, LightwaveRF chief financial officer, said: “The granting of this working capital facility by Santander demonstrates the credibility of our business plans with an international bank and will assist us in meeting our working capital requirements for our growth plans.”
Louise Guise, relationship director at Santander Corporate & Commercial, added: “We have been impressed with both LightwaveRF’s management team and also their product range and customer pipeline. We look forward to growing our partnership with the business in this exciting market sector.”