Blackburn firm floated on stock exchange (From Lancashire Telegraph)

Blackburn firm floated on stock exchange

2:00pm Wednesday 17th March 2010 in

More stories about: Promethean

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WORLD-leading technology firm Promethean today began formally trading on the stock market — as its boss confirmed: “We are staying in Blackburn”.

The company started selling shares on the London Stock Exchange at 200p after a £400million flotation was finally completed.

And afterwards, Promethean’s chief executive Jean-Yves Charlier pledged the firm’s future to East Lancashire.

The Lancashire Telegraph revealed last month how bosses at the interactive white board manufacturer are hunting for a new larger headquarters after outgrowing their current base in Philips Road, Whitebirk.

But Mr Charlier said: “We are hoping to make a decision on a new headquarters in the next few months.

“However, we are very attached to Blackburn and East Lancashire, and we want to continue to invest in the area.”

Yesterday’s £400million flotation is set to make Promethean founder, Ribble Valley-based Tony Cann, well over £100million.

But the valuation is well below the £500million capitalisation predicted by some stock market experts.

It emerged last month that Promethean bosses are eyeing sites in Blackburn’s Cathedral quarter regeneration zone and close to junction five of the M65 for a new HQ.