Award-winning audio specialist receives second-round investment
from Finance Wales
12/09/08
Award-winning professional audio equipment design and
manufacturing company, Leema Acoustics, has received second round
investment totalling £850,000 from Finance Wales as part of the
company’s growth within the domestic hi-fi market.
Established near Welshpool, Powys in 1998, Leema Acoustics has
become a significant player within the professional audio market
following development of its high quality speaker range, including
the unique Xen reference monitor, which attracted widespread
industry acclaim and awards.
The company built on this early success and subsequently
developed a range of high quality audio electronics, including
entry level and high end amplification, CD players and home cinema
components. In addition the loudspeaker range has been enhanced
with a new series of innovative loudspeakers, aimed at the high-end
domestic market, which it plans to develop alongside its
established professional customer base.
The combined debt and equity investment from Finance Wales, a
subsidiary company of the Welsh Assembly Government which provides
commercial funding to businesses in Wales, follows initial
investment from a business angel via xénos, the Wales Business
Angel Network. The latest investment will enable further research
and development and significantly enhance both sales growth and
brand awareness.
The company was established by two former BBC sound engineers,
Lee Taylor and Mallory Nicholls who spotted a gap within the
professional loudspeaker market. The subsequent success of their
Xen miniature monitor loudspeaker prompted them to establish Leema
Acoustics ten years ago.
“The name, Leema Acoustics has become synonymous with quality
within the professional audio industry; our products are used by
many of the worlds leading recording studios, mastering houses and
film sound stages. Over time we have built up a good reputation
with both professionals and ‘audiophiles’ alike. The development of
our domestic products has resulted in even greater exposure and
praise,” said 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 in line with our
plans. Finance Wales has tailored a package which will ensure Leema
Acoustics can build on its already firm foundation.”
One of the company’s key developments is its Leema Intelligent
Protocol System (LIPS), which allows individual Leema hi-fi
components to communicate intelligently with the both the user and
each other. Leema has also developed a unique simplified remote
control system for their products.
“The superb audio quality of our products is the keystone upon
which Leema Acoustics is built. First class build quality,
reliability and ease of use are also paramount. We believe our high
quality products feature a range of unique and innovative design
elements that will ensure we remain ahead of our competitors” added
Mr Nicholls.
Karen Davies, Investment Executive at Finance Wales, said Leema
Acoustic’s dedication to quality, design and research and
development has ensured its position at the leading edge of the
audio industry. “Leema is one of the most talked about brands by
both audiophiles and industry leaders. It has significant growth
potential and Finance Wales is pleased to have been able to work
with the company’s management to develop a financial package that
can take the company forward globally.”
Advisers to Leema Acoustics are HSBC, Morgan Griffiths and
Hatchers. Geldards, Whittingham Riddell, PBD Consulting and SES
advised for Finance Wales.