Telford-based Luceco to close US business

The US was one of six international markets entered by Luceco in the past five years.

But the Houston-based business made an operating loss of £2.9 million in 2017 on a turnover of £4.2 million.

One-off closure costs are expected to be £2 million. Luceco will cease operations in the third quarter of 2018.

John Hornby, Luceco chief executive, said the group's international expansion strategy had been "overwhelmingly successful".

"Our new businesses in Europe, Mexico and Asia are delivering rapid revenue growth and market share gains, but the US has proven a more difficult market to penetrate," he added.

"We have therefore taken the difficult decision to prioritise our other, more compelling international growth opportunities."

The group supplies trade distributors, retailers, wholesalers and project developers with a wide range of products.