Wed, 27 Mar 2024 | BUSINESS SALE
An international telematics company based in Corby has been majority sold to an employee ownership trust (EOT) after securing a funding package. Mobilevalley has used the £1 million HSBC UK funding to transfer the ownership of the company to its employees, a move that secures 18 roles at the firm.
Mobilevalley has more than 25 years’ experience in the telematics installation market. The firm is a specialist installer of telematics and high-end tracking devices for large vehicle fleets, including trucks, vans, trailers and buses. The company’s customer base spans the UK and extends throughout Europe, covering logistics providers, emergency services and public transport.
The move to employee ownership, which comes amid a rapid increase in the popularity of EOTs, is expected to drive a 10 per cent increase in turnover at the company. The move has also enabled the firm to open its new branded Midlands Telematics Centre in Corby.
The state-of-the-art 3,500 sq ft facility will provide all the business’ services under a single roof and is designed for commercial partners and parties looking for HGV telematics or CCTV products.
Following the completion of the deal, Mobilevalley Managing Director Troy Smith stated: “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.”
Read more about the factors behind the growing prominence of EOTs
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