A Cramlington-based electronics manufacturer has its sights set on doubling its turnover to £6m within a year after acquiring sole rights to a popular children’s product.
For several years Opsol has been making the StoryPhone on behalf of Hartlepool-headquartered Ameeca, an MP3 digital audio system for children.
Ameeca recently appointed voluntary liquidators after falling into financial difficulties.
But with product development work under way and cost reduction activity just coming into place, Opsol’s managing director Malcolm Humble seized the opportunity to take on the StoryPhone, believing it to have massive potential in overseas markets.
He has now signed a deal to take on the company, meaning he now owns the IP, patents and rights to sell StoryPhone anywhere in the world, also agreeing to take on most of Ameeca’s £500,000 debt.
Created by a teacher, the StoryPhone is a learning tool designed to make listening easy and help children to develop their language, communication, listening and literacy skills.
Mr Humble said: “The phone has not stopped since we’ve said the product is available again.
“I’m now in the process of speaking to various people in Dubai, Australia, New Zealand, Hong Kong and all sorts of other places to see what interest I can get in terms of resellers.
“The core business took £3m in sales this year and by 2015 I had forecasted we’ll have sales of £5m, and we’re well on the way to achieving that.
“I would certainly like to double sales within a year after getting StoryPhone.”