A Corby-based international telematics firm has been majority sold to an employee ownership trust (EOT) with financial support from HSBC UK.
Mobilevalley has used a £1 million funding package from HSBC UK to support the transfer of ownership of the business to its employees, securing up to 18 jobs in the local area.
An EOT is a special form of employee benefit trust introduced by the Government in September 2014 to encourage more shareholders to set up an employee-led business. Following the move, employees at Mobilevalley are now able to have a meaningful say in how the business is run and operated, driving long-term business growth, employee engagement and ensuring its services are protected for its customers.
Troy Smith. Image: Mobilevalley
As part of its growth plans, the move has also enabled Mobilevalley to open its new branded Midlands Telematics Centre in Corby. The state of the art 3500 sq. ft centre will provide all its services under one roof and is designed for commercial partners and those looking for HGV telematics or CCTV products.
The company is expecting a 10 per cent increase in turnover as a result of the deal.
Troy Smith, Managing Director at Mobilevalley, said: “Our business model is only achievable through the hard work and dedication of our employees, and we’re so pleased that HSBC UK has been able to support our vision of ensuring our business stays committed to its people.”
Nicholas Young, Business Banking Area Director at HSBC, added: “HSBC UK is committed to supporting local economies and communities. A transaction like this ensures the longevity of a successful local business, even after the founders retire. We’re pleased to have been able to support Mobilevalley with this key milestone in their lifecycle and enable the business to progress its succession plan.”
With over 25 years’ experience in the telematics installation sector, Mobilevalley is a specialist installer of high-end tracking devices and telematics for large vehicle fleets including trucks, buses, vans and trailers. Its customers stretch across the UK and Europe and span public transport, emergency services and logistics.
