LED Hut and Batteries Plus LLC Partner in £18m Deal
- Published: Friday, 19 September 2014 09:02
LED Hut, the UK’s leading online LED lighting retailer, has announced that it has merged with Batteries Plus LLC – the largest battery and light bulb franchise in the US – in an £18m deal. The move is set to see the already fast-growing LED Hut business more than quadruple in size by 2017.
Since launching in April 2011, LED Hut has rapidly grown from a five-person start-up operation to a 60-strong team today – with a 550% turnover increase in just three years. This growth has seen the company move to a 26,000 sqft Manchester warehouse to meet soaring demand, open its own call centre and flagship store, as well as successfully target new markets in Europe and beyond.
Set up by entrepreneur Jonathan Ruff, the partnership with Batteries Plus was the logical next step in LED Hut’s ambitious growth strategy. He explains: “We were looking for a well-established partner that would support us in our next expansion phase and Batteries Plus was the perfect fit. It has a solid standing in the marketplace and the team brings with it strong experience in the retail sector – with a franchise network of over 625 stores across the US. This matched with LED Hut’s strength in e-commerce makes for a particularly powerful partnership.”
Batteries Plus CEO Russ Reynolds adds: “Led Hut is the online market leader in the UK, with a growing presence in pan-European markets as well. They have a dynamic management team that we believe can grow even faster with the support of our resources. We consider this more of a merger as we also believe LED Hut’s online expertise will help us with our Omni channel vision here in the US.”
The move means LED Hut will be able to diversify its already wide product range to include more top quality LED lighting products as well as a vast selection of batteries. It will also support LED Hut as it plans to roll out its own retail stores across the UK. Adds Jonathan Ruff: “We’ve just opened our first flagship LED Hut store in Jersey, which is already proving a real success. The next step, however, is to open 40+ retail outlets across the UK, and it’s great to know that we’ll have the backing of Batteries Plus’ extensive experience in this area as we roll this out.”
The new stores will showcase the company’s wide variety of LED lighting products and will highlight the significant money and energy savings people can achieve by switching to long-lasting, eco-friendly LEDs. The stores will also act as ‘click and collect’ centres, so people can order online and pick up stock at their local shop at their own convenience.
LED Hut has become the number one online resource for LEDs, and is leading the way in helping the nation cut bills and go green by switching to energy-efficient lighting. Amid rising bills and increasing pressure to save energy, the company’s extensive range of eco-friendly LEDs offers a cost-effective way for households and businesses to save as much as 90%1 on lighting bills – all whilst enjoying long-lasting, quality lighting. In the last year alone, LED Hut has sold more than 1.8m LEDs in the UK.