Bright future ahead for Kwiklite as new funding fuels growth
£50,000 funding injection set to help business boost sales
Business: Bright Sparks Ltd t/a Kwiklite
Funding line: £50,000
Graham Parr found commercial success when he acquired the lighting franchise he had joined in 2014. After spotting a niche in the market, Graham decided to establish Kwiklite as a business that specialised in energy efficient lighting. The resulting business enables firms to save substantial amounts on energy bills, outweighing installation costs.
With an emphasis on efficiency, Kwiklite has secured commercial lighting contracts with large firms, such as Bristol Street Motors and McCain, both of which wanted to reduce their outgoing costs and in-turn, lower their carbon footprint.
The business is now thriving, with five full-time members of staff and one subcontractor. To grow the business further, Graham is now looking to expand its sales presence and open a new office to provide a wider national presence.
In the past, however, the business’s growth ambitions have been stifled by cashflow restrictions due to extended customer payment terms throughout the company’s preferred sectors.
When looking to improve Kwiklite’s cashflow position to support growth, Graham turned to a high street bank, which was unable to help due to the sectors the business operates within. It was at this stage, following a recommendation from a friend, Graham contacted Bibby Financial Services’s (BFS) Construction Finance team who have specific expertise in funding contractual debt.
Within a week, Graham had his funding from BFS and tied-up cash soon started to flow.
Graham Parr, Managing Director of Kwiklite, commented: “Lengthy payment terms meant that my business could not reach its full potential and meet the growth strategy that we had planned.
“There has been a high demand for our products as businesses see the commercial sense in reducing their energy bills through lighting efficiency. To meet this demand, we needed further funding to fulfil contracts and take on more staff to grow the business.
“With traditional bank lenders unwilling to help, BFS was recommended to me by a friend as an alternative method of funding. I’d heard of its distribution network but wasn’t aware of its financial services business.
“BFS’s customer services is second-to-none and the speed at which we were able to access funding was extremely impressive.
“A key trait of Kwiklite is building long lasting customer relationships, whether it be suppliers or customers and it is fantastic that we have found a funder that believes in the same ethos.
“With funding in place, we can look to incorporate LED technology into our operations to provide the most up to date energy efficiency technology possible, reducing unnecessary overhead costs even further for all clients”.
Helen Wheeler, Managing Director at Bibby Financial Services, stated: “Kwiklite is a great example of a business that has fantastic potential but needed a support in finding funding for contractual debt.
“As experts in this field, I’m delighted we’ve been able to support this growing business and it’s great to hear that Graham made contact following a friend’s referral. I look forward to working with Graham and his team and seeing the business achieve its growth potential.”