Employees buy Corby firm in £1m deal

A Corby firm that supplies vehicle trackers and cameras to organisations around the world has been sold to its own employees.

Mobilevalley, which counts the London Ambulance Service among its customers, has used a £1m funding package from HSBC to transfer the ownership of the business to its employees.

The move has safeguarded 18 skilled jobs and has allowed the company to open a new 3,500 sq ft facility next door to Wickes in Cockerell Road.

The company installs high end telematics for the truck, trailer and bus sector, allowing organisations to effectively track their fleets. They also provide cameras and lighting for increased security.

HSBC UK provided a £1m funding package to support the transfer of ownership of the business to an employee ownership trust (EOT).

An EOT is a special form of employee benefit trust introduced by the government in September 2014 to encourage shareholders to set up an employee-led business.

Following the move, workers at Mobilevalley are now able to have a meaningful say in how the business is run and operated, driving long-term business growth.

As part of its growth plans, the move has also enabled Mobilevalley to open its new Midlands Telematics Centre in Cockerell Road. The state-of-the-art 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.

Mobilevalley managing director Troy Smith 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.”

HSBC Business banking area director Nicholas Young added: “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.”

Mobilevalley’s customers stretch across the UK and Europe and span public transport, emergency services and logistics. They include Greater Manchester mayor Andy Burnham’s groundbreaking publicly-owned transport system the Bee Network.