20th July 2022
Sandiacre-based Laystone Electronics Limited has received funding to create two new jobs and safeguard 13 existing roles.
The investment comes from First Enterprise – Enterprise Loans through the Midlands Engine Investment Fund (MEIF) and the Community Investment Enterprise Facility (CIEF) backed by the Recovery Loan Scheme (RLS), and will be used for investing into stock, equipment, and research and development as the company enters new markets.
The company provides cutting edge LED lighting and LED control solutions to the commercial, construction, high end residential, physical retail, and hospitality sectors. Having navigated their way through the challenges of the pandemic, it is now back on track to expand the business further.
The company is a family-run operation with founder Steve Masidlover, his wife Tracy and his son Jake involved in the day to day running of the business.
The loan was originated by Nina Scott of 2XL Commercial Finance brokers.
Steve Masidlover, Director of Laystone Electronics Limited commented:
''The support provided through both these funds has enabled the business to fast-track the final development stages of a new and exciting range of LED drivers that we have been working on. We are all excited at Laystone Electronics with the prospect of launching our new products, as well as continuing to provide bespoke LED lighting systems to our existing loyal client base.''
Stefan Nycz, Investment Manager at First Enterprise – Enterprise Loans commented:
''It was a pleasure to assist this innovative company, which epitomises the best of British design and manufacturing.”
Nina Scott, Director at 2XL Commercial Finance commented:
“Really pleased to be able to support a local business that has been impacted by COVID, securing the finance they need to be able to diversify the business to recover. Their own bank was unfortunately not able to assist, so it was great to be able to step in and help to ensure the business's future.”
Lewis Stringer, Senior Manager, UKN at British Business Bank added:
“The MEIF supports Midlands-based businesses looking to enter new markets and unlock opportunities for growth. We’re delighted to see another business accessing the funding available from MEIF.”
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