Leeds-based Energy Saving International Ltd (ESI) is planning to launch its award- winning Savasocket in several new overseas markets after negotiating a substantial equity and debt investment into the business by a successful Hong Kong-based entrepreneur. The investment will also allow ESI to fund direct sales via its own website, www.savasocket.com
ESI was advised on the deal by Marcus Armstrong of Lupton Fawcett and Geoff Thomas of accountants Brown Butler.
Designed and developed by ESl’s managing director, James Dunne, the Savasocket 6 Gang is the first of a range of energy saving products to be launched by the company.
Savasocket 6 gang is a Grand Designs award winning and Energy Savings Trust “Recommended” product, that switches off a bank of sockets at the source using any standard home infra red remote – putting an end to appliances such as TVs and DVDs wasting energy in standby mode. It uses only 0.19 watts in standby, which makes it five times more efficient than the 1-watt standard set by the Energy Savings Trust.
James Dunne said: “Savasocket is doing exceptionally well in the UK and this new investment will enable us to roll out our new products globally. We are looking at manufacturing six international versions for different plugs as well as numerous brand extensions. This substantial investment allows us to expand very quickly and it all came about from a chance meeting with Geoff Thomas of Brown Butler instigated by a mutual friend.
“On Geoff’s recommendation, I took a speculative trip to Hong Kong to meet a potential investor, who saw the potential in Savasocket and immediately sent me off to meet the buyer of one of the world’s largest retailers. By the time I returned to the investor’s office, the retailer had already placed a substantial order for Savasockets. This gave the investor the confidence to make an instant commitment to invest in the business.”
Lupton Fawcett’s Marcus Armstrong commented: “The Savasocket has tremendous potential to become an International brand. Estimated savings through using Savasocket are put at around £37 per year, but its ability to help the environment makes it all the more attractive. We are delighted to have worked alongside Brown Butler in securing this very exciting business investment and look forward to working with James and his colleagues.”
Brown Butler’s Geoff Thomas added: “This new investment provides James with the finance he needs to market Savasocket internationally and we are pleased to have been able to assist him in securing this financial backing.”