- The six-figure finance package from Santander UK and the Government’s Coronavirus Business Interruption Loan Scheme (CBILS) includes an invoice finance facility and overdraft
- Lithe Audio was growing strongly but has forecasted a reduction in sales due to coronavirus
- The facilities will ensure the business continues to grow through product development and marketing
Lithe Audio, a supplier of wireless Wi-fi and Bluetooth ceiling speakers, garden speakers, TV mounts and accessories, has secured a finance package from Santander UK and the Government’s Coronavirus Business Interruption Loan Scheme (CBILS). The funding will enable the business to continue to grow through product development and marketing.
Lithe Audio was founded in 2016 recognising a gap in the market to provide wireless ceiling speakers for renovators and house builders. The products are all designed in the UK and have already won several awards. Lithe has developed significant relationships with suppliers to multiple UK retailers, representing further growth opportunities in the future. The company is also looking to expand its international reach due to the opportunities in sunnier climates and higher demand for garden speakers. Lithe already has distribution agreements with businesses in Australia, France, Mexico, Denmark, Cyprus, Malta and UAE with interest from America, Canada, Greece, Spain and Peru.
Amit Ravat, Director said: “With this support from Santander UK we can continue to develop our award-winning product range and explore opportunities for Lithe Audio both in the UK and overseas.”
Craig Carter, Relationship Director at Santander UK, said: “Lithe Audio has already had significant success and looks set for a promising future. We’re pleased to support the team now and look forward to working with them to help them to achieve their international ambitions.”
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