Innerva is delighted to announce that it has transitioned to employee ownership through the creation of an Employee Ownership Trust. The move marks an exciting new chapter for the British designer and manufacturer of power-assisted exercise equipment.
The transition will preserve Innerva’s values and culture, protect the long-term future of the business and the brand, and reward those who have played such an important role in its success.
An Employee Ownership Trust (EOT) is a statutory trust that holds a controlling interest in a company on behalf of all employees, enabling businesses to remain independent while ensuring employees share in the success they help create. The new trust, known as Innerva Employee Ownership Trust, owns the company for the benefit of all employees, who benefit collectively, rather than owning individual shares.
The move reflects Innerva’s commitment to supporting the strong growth it has experienced in recent years and ensuring that its future stays in the hands of those who know the company best.
As part of the transition, Howard Blackburn, will step down as CEO, while remaining involved as a member of the EOT Corporate Trustee and advisor to the board. Former managing director, Jon Hymus, has been appointed as the new CEO of Innerva to guide the business into its next phase.
Innerva was advised on the deal by Stephen Newman and Emma Spragg of Ramsdens Solicitors, who have worked closely with the business for over 11 years and bring deep knowledge of its operations, strategy and long-term ambitions. Ramsdens advised on the transition to employee ownership and the duties and responsibilities of the Corporate Trustee.
Howard Blackburn, who has dedicated his career to reshaping the way the sector thinks about exercise and ageing, said: “The decision to move to employee ownership has been made with great care and with the future of Innerva firmly in mind. Employee ownership allows us to protect the culture, values and sense of purpose that have shaped Innerva over the last 35+ years, while creating exciting opportunities for future growth.”
Recent research commissioned by the Employee Ownership Association shows the significant benefits of employee ownership:
- Employee-owned businesses are typically 8% to 12% more productive than non-employee-owned businesses
- Employee-owned businesses are over 50% more likely to increase investment in research and development
- 57% of employee-owned businesses report increased profits following the transition to employee ownership.
- 83% report increased employee engagement and motivation, while 73% report higher levels of job satisfaction.
Jon Hymus, CEO, Innerva said: “Our people have been central to our success. Becoming employee owned recognises their contribution and ensures that the benefits of future success are shared by those who help create it. We are excited about the opportunities ahead and confident that this new structure will support the continued growth and long-term success of Innerva.”
Stephen Newman, Partner and Solicitor in Ramsdens Solicitors’ Corporate and Commercial department, added: “Having worked alongside Innerva for over a decade, we have seen first-hand the strength of its people, culture and vision. Transitioning to employee ownership is a natural next step for the business, ensuring its long-term independence whilst rewarding the team that has driven its success. It has been a pleasure to support Innerva on this important milestone and we look forward to seeing what’s next for the team.”