Luxair was launched in 2002 by founder and managing director Aidan Mulrooney.
The company specialises in own brand quality designer domestic cooker hoods and extraction technology and employs 15 people at its base at Melmerby Barker Business Park.
Luxair achieved £3.2 million turnover in 2016 and is targeting £4m turnover in 2017 following a £1.5m surge in internet sales. Sales in the first quarter are showing significant growth of 29% compared to the same period in 2016.
To achieve further growth, Luxair is keen to innovate and develop new products. It has moved into the bathroom and hotel sector having developed bathroom cabinets with built-in extractor fans to prevent mirrors becoming steamed up.
Aidan has also developed a new high power bathroom ceiling fan that he says is four times more powerful than any other bathroom fan on the market.
Other new products being designed include kitchen induction hobs with built-in extractors.
Finance Yorkshire involvement
A £100,000 Business Loan is supporting Luxair’s new product development strategy.
Finance Yorkshire has also made two previous investments in Luxair totalling £125,000
The Investment Rationale
Like many companies, Luxair faced a challenging period during the economic downturn in 2011 but with Finance Yorkshire support, the business identified a strategy to continue and grow.
Aidan said: “At the time, I needed support from the banks who were not willing to help, Finance Yorkshire came in and supported Luxair at a crucial time.
“The support from Finance Yorkshire has been invaluable – I couldn’t have done it without them.”
Alex McWhirter, chief executive of Finance Yorkshire, said: “With the support of our investments and a huge amount of work and determination, Aidan and his team have ensured the survival and growth of the business.
“The company is well placed to achieve strong sales this year and cement its position as a leading supplier of high quality kitchen and bathroom products to UK and European markets.”
Aidan said: “Over the last three years we have gone from strength to strength and the signs for more growth are looking good. We have built a strong UK brand and a reputation for supplying high quality products which incorporate the latest innovations in design and functionality.”