Huddersfield-based Innerva transitions to employee ownership

A new trust, known as Innerva Employee Ownership Trust, owns the company for the benefit of all 17 employees.

The spokesman added: “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.”

Mr Blackburn 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.”

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.”

Innerva was advised on the deal by Stephen Newman and Emma Spragg of Ramsdens Solicitors. Ramsdens also advised on the transition to employee ownership and the duties and responsibilities of the Corporate Trustee.

Mr Newman, Partner and Solicitor in Ramsdens Solictors’ Corporate and Commercial department, added: “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.”

Research commissioned by the Employee Ownership Association concluded that employee-owned businesses are typically 8 per cent to 12 per cent more productive than non-employee-owned businesses.

The research found that employee-owned businesses are more than 50 per cent more likely to increase investment in research and development. Fifty seven per cent of businesses report increased profits following the transition to employee ownership.

The study also found that 83 per cent reported increased employee engagement and motivation, while 73 per cent reported higher levels of job satisfaction