Hampshire office tech company on track to double turnover this year

A technology provider specialising in audio visual (AV), conferencing and digital workspace technology is on track to more than double its turnover from £2.5 million to £7 million, three years on since the company’s inception.

Workspace Audio Visual specialises in digital office transformation technologies and provides video conferencing tools, digital signage and office/employee management systems.

In its most recent financial year, the business reported a turnover of £2.5 million and now projects a turnover of £7 million for 2024.

Co-founders Marc Thrush and Pete Morrison spotted a growing demand in 2021 for office technology solutions driven by a spike in remote working since the pandemic. Due to an increasing customer need for collaborative office spaces with a ‘wow factor’, and winning new global contracts, the business needed to ensure effective cash flow management was in place to allow it to grow.

To support this, the firm secured a £500,000 facility from Lloyds, which allowed Workspace Audio Visual to increase capacity and deliver these larger projects.

Workspace Audio Visual also supports their customers with their ESG goals by offering a leasing service that extends the lifecycle of their technology through reuse and recycling initiatives. This service is provided in partnership with sustainable technology provider InnoVent, where technology is used by the primary user and then removed after 3-5yrs for re-use by second-life or even third-life users.

The company has 14 contracted blue-chip partners and 18 additional global partners across APAC, Europe, and the United States. Ambitious plans are underway to continue its growth trajectory, expanding its team in the UK and in the Netherlands, where they recently opened a second office in Amsterdam. In addition to expanding the team through direct hires, the business is also exploring opportunities to acquire additional companies over the coming years.

Marc Thrush, and Pete Morrison, Co-Founders of Workspace Audio Visual, said: “Our growth during the past three years has been nothing short of remarkable. We've gone from a simple idea brainstormed over Teams, to a thriving company that's making a significant impact on the AV landscape. Our focus on customer first, innovation and sustainability has set us apart from our competitors, and we're excited to continue expanding our reach globally, bringing our solutions to even more clients. Our unique model is well-positioned to serve our communities in the UK, whilst continuing to maintain state of the art equipment for our global clients, and Lloyds has been a key part of our growth to date.”

Toni Clothier, relationship manager at Lloyds Bank, said, “Workspace Audio Visual is an excellent example of a forward-thinking company making a real impact in its sector. Businesses are increasingly looking for tech which better suit their needs, so it’s great that we’re able to facilitate their expansion.”