Online lighting retailer bought back from US VCs
An online lighting retailer based in Manchester has been bought back from US venture capitalists.
LED Hut, which was founded in 2011, merged with US battery specialist Batteries Plus in 2014.
It has been bought by its former financial director Clive Brown, who will serve as managing director and CEO, and Simon Boyle, who will be COO.
“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,” said Brown.
"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 12 months, we will look to expand our product range and promote the business with targeted marketing campaigns."
The firm employs 60 people in Manchester and turned over more than £18million in 2015.
It has sold over eight million light bulbs in the last five years, providing lighting solutions to over 250,000 homes in the UK.
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