The £1 million deal with Barclays will support the development of the firm’s expanding range of hi-fi products, with a new wireless music system set to launch exclusively in the Harrods flagship concession this October.
With a staff of about 170 working out of the company’s state-of-the-art factory on the outskirts of Glasgow, Linn expects to generate an additional £1.4m in sales this financial year, with continued growth next year.
The privately-owned firm, which is based at Waterfoot, has invested heavily in music streaming technology, having made the switch from CD-based units some time ago.
In addition to upgrades to existing products, 2018 saw a significant launch – the Selekt DSM, a digital music streamer that has received much acclaim in the hi-fi press.
Since launching its first product more than 40 years ago – the Sondek LP12 turntable, which remains in production today – the firm has grown to become one of the most revered names in hi-fi, both in the UK and globally.
The Barclays team, led by relationship director Helen Hutchison, has serviced the company’s requirements since January 2017, supporting the business with a range of products and services including international currency management and guarantees.
Gilad Tiefenbrun, Linn’s managing director, said: “Barclays has been providing Linn with its excellent banking services since early 2017 and, with the additional support of this funding, we also benefit from their commitment to the future of high value Scottish manufacturing.
“The funding has been a welcome boost to our latest product development project and we look forward to its successful launch in October and our continuing good relationship with Barclays.”
Jamie Grant, head of region Scotland and Northern Ireland at Barclays, added: “Linn is one of Scotland’s technology success stories and our funding assists the company’s ability to invest in new product development.
“This Glasgow-based business has a rich heritage and an exciting future and is exactly the type of manufacturing business we want to work with to support Scotland’s economic growth.”
In December, Linn, which has a concession on Harrods’ fifth floor, reported turnover of £16.3m, a 3.5 per cent dip, year-on-year. Net profits came in at £1.145m while the firm pumped just over £2m into research and development.
Tiefenbrun said at the time: “We are delighted to have met our strategic goals during another year in a challenging economy.”