Plumen

Overview
Growth Street enabled Plumen to launch new products and ease cash flow stress
Established

2010


Location

London

Industry

Lighting


Website
www.plumen.com
Who are Plumen?

Plumen is a designer lighting brand, established in 2010 to encourage people to use energy efficient lighting. Before their first product (the Plumen 001) was launched. There was no option for people to have lighting that was both beautiful and energy efficient.

The company started selling its products through design and museum stores in the UK, and has subsequently expanded to larger retailers in the UK and around the world. Their products have received multiple awards and are included in the permanent collections of MoMA, the Victoria & Albert Museum, the Smithsonian Cooper-Hewitt Collection, The Art Institute of Chicago, and the Design Museum in Helsinki.

What was their challenge?

As a result of their critical acclaim, and the launch of a new product, Plumen went through a stage of significant growth. Since they fund the manufacture of stock before selling it to retailers and customers, they encountered an increased need for working capital finance.

When they decided to bring their new product to market, it was vital for Plumen to ride the seasonal retail wave leading up to Christmas. However, as they changed manufacturers to cater to their increased orders, their payment terms changed. In order to seize the opportunity, Plumen needed to access capital fast. 

How did they find a solution?

In their search for a solution, Plumen contacted their bank. They discussed a commercial loan, personal loans to the directors, and a commercial overdraft facility. Despite being offered an overdraft by their bank, the founders felt that the bank didn’t understand what they wanted to achieve with the business.

How was working with Growth Street?

Plumen found that Growth Street understood their needs as a small growing business and who could offer Plumen fairly priced capital.

As Plumen kept growing throughout 2015; releasing new products and expanding operations, their need for working capital increased. Working closely with Plumen, Growth Street was able to offer an increased limit on Plumen's facility to accommodate their need for working capital.

Growth Street is great for your business because you get a much more personal touch.
What does the future hold?

2015 and 2016 are important years for Plumen, as they launch their first LED lighting as well as their first smart lighting; controllable from a smartphone or tablet. Growth Street is excited to be their partner, and looking forward to celebrating their continued success.

Michael-George Hemus

Co-founder & MD

www.plumen.com

Your capital is at risk. FIND OUT MORE

Your capital is at risk if you lend to businesses. Not covered by FSCS. FIND OUT MORE

Your capital is at risk if you lend to businesses. P2P lending is not covered by the Financial Services Compensation Scheme. FIND OUT MORE