Case Studies
Promethean set to wipe the board with interactive education systems
Blackburn-based TDS Promethean Group, which manufactures interactive whiteboard systems, is set to increase its turnover by more than £10 million and create 60 new jobs over the coming 12 months - boosted by the Government's commitment to wipe out the traditional blackboard in schools.
Whitehall has pledged to spend £50 million on electronic whiteboards for education over the next two years and TDS Promethean is in prime position to increase its 30 per cent share of the UK market.
Founded in 1996, the company has seen sales double year on year, with turnover exceeding £35 million in 2003.
The firm has been supported in its rapid growth by Lloyds TSB Commercial Finance in Manchester, which is providing asset based lending facilities to help fund the business' rapid expansion.
TDS Promethean employs more than 200 staff at its 70,000 sq ft manufacturing and R&D facility at Lower Philips Road in Blackburn. The company also has offices in Bracknell and in France, Germany, Holland and the US.
Promethean's ACTIVboard systems are currently operated by more than 20,000 organisations in the UK and overseas.
The boards are supplied with dedicated educational software which enables full classroom interactivity by providing student response and feedback mechanisms.
Stephen Jury, chief executive of TDS Promethean, said: "The government's commitment to this form of educational technology will help provide a significant jobs boost to the Blackburn area. The UK is currently the most concentrated market and by April 2004 there will be one interactive white board in every 10 classrooms in the country.
"We already have a strong foothold in the US through our office in Atlanta and we're also making considerable progress in the Far East, particularly in China where e-learning is generating a lot of interest.
"Interactive white boards are set to become the norm in education across the world and with Lloyds TSB Commercial Finance's support we're in a strong position to become the international market leader for group learning technology."
Paul Roylance, client manager at Lloyds TSB Commercial Finance in Manchester, said: "With the UK Government looking to increase adoption of this technology and with growing interest from markets around the world, Promethean is set for a period of sustained growth.
"Cashflow remains one of the biggest challenges facing businesses who are facing such rapid levels of growth.
"The funding arrangements we have put in place should help the business meet the expected demand and we have every confidence the management team will ensure the business capitalises fully on the opportunities in front of it."
Lloyds TSB Commercial Finance is part of the Lloyds TSB Group plc.
Lloyds TSB Commercial Finance is part of the Lloyds TSB Group plc.
