Having successfully secured an East of England Regional Growth Loan to launch its Lyric hi-fi range three years ago, Huntingdon based Cyrus Audio, which has successfully leveraged its reputation for high-end systems that are technically superior into more stylish and elegant looking products, is now using a second loan to grow the business further.
To stay ahead of the competition, Cyrus has continued to invest in research and development throughout its existence, a move which sees it held in high esteem by the hi-fi sector press and has led to it receiving over 70 industry awards. It has also helped it establish strong brand loyalty with its customer base.
The way in which people consume music is continually evolving. This is influenced by developments within the audio visual sector, but also reflects changes in the broader technological landscape. The biggest shift in recent times is unquestionably a result of advances in wireless technology, as illustrated by the rise of digital streaming services and wireless equipment.
Cyrus Managing Director, Simon Freethy, says: “Keeping our product range in line with wider technological trends and innovations is essential for us to remain competitive, however we need to achieve this whilst remaining true to our promise of exceptional sound quality. This is extremely important to our customers and so we have dedicated considerable resources to developing streaming music players and wireless connectivity for our products without compromising the characteristic audio distinction our customers expect. We are also developing products for the mobile / younger market.”
The company is now in the process of rolling out its latest products whilst also working to expand into new geographical markets. This will be achieved with the £100,000 funding obtained from the East of England Regional Growth Loan Scheme (RGLS) alongside further equity funding from existing shareholders.
Stuart Ager, Senior Fund Manager at Finance East, comments: “With an experienced management team and a reputation for technical superiority, Cyrus Audio is well-positioned to take advantage of the global growth opportunities available to it. Its existing product suite offers clear USPs against competitors and it has a well-defined new product development strategy. We are excited to be working with Simon and the team again as they move into their next phase of growth.”
The RGLS is managed by Finance East, part of The FSE Group, on behalf of Local Enterprise Partnerships in the East of England and British Business Bank. The RGLS is available to established, incorporated businesses based within the East of England that have a minimum annual turnover of £100k, show strong growth potential and have a medium to long-term funding requirement to deliver that growth.
For more information about the Regional Growth Loan Scheme contact Stuart Ager on 07825 699407 or email firstname.lastname@example.org.