Mobility scooter lift and carrier
Market Sector |
Healthcare - Mobility Sector
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Product | Mobility Scooter lift and carrier | |||
Business Stage | Pre-Revenue - At launch/ manufacturing stage | |||
Patents | UK & EU patents Filed | |||
Investment | £150k | |||
EIS Tax Relief | To be Obtained | Valuation | Pre money £500k |
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Location | Coventry | |||
Background Introduction:
Inventor & Owner Manager has worked in the expanding & continuing growth mobility sector for many years and in the last 8 for a leading mobility supplier managing UK wide sales. During this period he saw a market opportunity and need for a means to transport mobility scooters easily by car, particularly for a growing older client, without the need for vehicle modifications and without dismantling or lifting the mobility scooter.
Formed in 2007, and primarily personally funded he has designed and built the LitaliftTM range of mobility product carriers and has been highly successful in securing grants for what has been seen as very innovative concept and product that is patent-protected.
An experienced management team is being formed but key is the sales expertise and knowledge of the market the owner is bringing .
Product - description & stage of development
The LitaliftTM range of lifting and carrying systems fit onto a standard vehicle towball on the back of the owner's car. Some of the unique features of LitaliftTM are:
- A patent-pending towball hitch that ensures platform stability, ease of fitting and removal.
- The customer no longer needs to dismantle or lift their mobility scooter into their car.
- The LitaliftTM is an external carrier (not a trailer) - it doesn't take up boot space
- It folds up for compactness and ease of parking once the scooter is unloaded.
CE Mark and EU testing of the electronics will be completed by Mid July which with funding will lead into build of aluminium extrusion tooling to enable full product testing and CE mark for the product with manufacture to follow soon after having identified potential manufacturing sub-contractors.
Market
The market is well established and reach to an ever increasing audience will be through the 2.5k trade outlets, some of whom are multi-franchise with full UK coverage. Industry feedback from a multi outlet with 10 locations has indicated they would expect to grow sales to 15-20 per month based on current scooter sales.
Market Opportunity
the market audience for LitaliftTM is the fastest growing age segment in the UK with 2.3m blue badge holders alone and many more people now turning to Scooter mobility as a means of maintaining their lifestyle and independence. There is no comparable product to LitalkiftÔ in the market. The "grey" market had a spend profile of £257bn in 2007 and still represent the highest disposable income of any market segment.
Funding required
£150k is sought to enable launch and first manufacture to commence in the Autumn.
Projected financials and full business plan available that is targeting sales through the network of £4m by 2012 and trading profit c£750k.