Commercial funder tuned into growth in Mid Wales

Leema Electro Acoustics, an audio equipment design and manufacturing company based in Mid Wales, has secured second round funding of £850,000 from Finance Wales.

The combined debt and equity investment from the commercial funder follows initial investment from a xénos business angel.

The funding will be used to progress research and development, and aims to enhance growth and brand awareness.

Leema was established by former BBC sound engineers Lee Taylor and Mallory Nicholls. “Having already attracted investment and business advice from our xénos business angel, we realised that we needed to secure additional investment to develop the business,” Nicholls said.

Karen Davies, Finance Wales investment executive, said; “Their dedication to quality design, research and development has assured the company’s position at the leading edge of the audio industry.”

Morgan Griffiths LLP compiled three-year business development forecasts for the funder. This involved working with Leema to translate their development objectives into a business plan together with a Manufacturing advisory Service (MAS) consultant who acted as overseer to the process.

The finance team was led by Melanie Corfield, partner, who commented: “We have seen the company grow through its committed research and development programme to produce innovative and quality products, which now have an enviable reputation in the marketplace.”

Marc Barber

Marc Barber

Marc was editor of GrowthBusiness from 2006 to 2010. He specialised in writing about entrepreneurs, private equity and venture capital, mid-market M&A, small caps and high-growth businesses.

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