Bank unlocking financial benefit for Welsh firms

A SWANSEA-BASED firm is among many to have benefited from investment from the Development Bank of Wales, which is celebrating helping almost 1,400 businesses in mid and west Wales secure over £460m to startup and scale-up.

- IAN LEWIS Reporter

Founded by Professor Neil Barron, Litelock is a high-security lock manufacturer based in Fforestfach. The company designs and produces lightweight, high-performance bike and motorcycle locks using patented composite materials.

With a strong focus on innovation and sustainability, Litelok manufactures entirely in Wales and exports globally, including to the US.

Litelok launched in 2015 with a successful Kickstarter campaign, selling 2,749 units across 57 countries and raising £232,000 in just one month.

But early traction brought new challenges. When their original manufacturing partner ceased trading, Litelock had to take production in-house. Scaling up required not only capital, but a long term investment partner who understood the complexities of product development and manufacturing.