A YORK based audio technology business which has seen triple digit growth is predicting its turnover will double this year after securing £300,000 finance to fund the production of its latest consumable.

Damson Audio, based at York Business Park, supplies a range of portable wireless speakers and headphones which are stocked by major retailers such as Tesco, Maplin and Selfridges and internationally by the likes of Walmart-owned Sam’s Club and Apple re-sellers.

Established in 2012, the company has seen turnover increase by 300 per cent to £1.8 million in the year ending March 31, 2015 and anticipates revenues will double again over the next 12 months.

Half of the business’ sales are generated in the UK and the other half in the US market.

Damson Audio’s rapid growth is being driven by an innovative six-strong product range which includes the recently launched ‘Headbones’ headphones.

Rather than amplifying sounds into the ear canal, Headbones transmit audio to the inner ear via vibrations transferred through the temporal bone.

The creation hit the headlines earlier this year when The Press reported how it enabled 14-year-old Thomas Robertshaw, from Boroughbridge, to hear surround sound for the first time in his life as he only has one working earlobe.

To fund the first production run of Headbones, Damson secured a short-term, £300,000 trade finance facility from independent alternative lender Creative Capital.

By loaning against the value of the finished goods, the funding package advanced the working capital needed to manufacture the product in China and transport the shipment to the UK for distribution to retailers and customers.

James Talbot, founder and managing director of Damson Audio, said: "Through innovative product design we’ve been able to tap into rapidly growing demand for high-quality wireless technology that’s being driven by major global brands such as Beats by Dre, Fitbit and Apple.

"Securing the capital needed to support this rate and scale of expansion when you’re a young SME can be a challenge, but we’ve had great success harnessing various sources of alternative funding.

"Creative Capital’s trade finance facility was exactly what we needed at this stage to maintain momentum, as it quickly provided the sizeable working capital boost needed to get our revolutionary Headbones product to market."

It is the third time Damson Audio has used alternative lending to fund its rapid expansion. In 2013 the business secured an £825,000 round of seed funding from Finance Yorkshire’s Equity Linked Fund to develop and market early products.

The company raised a further £95,000 from a Kickstarter campaign in 2014 to fund the design and prototype production of the Headbones product.

Damson Audio, which won UK Trade & Investment’s (UKTI) Tech Start-up of the Year award in 2012, employs a team of four designers and engineers and plans to target further opportunities in the multi-billion wearables market.