Honley-based power-assisted exercise equipment manufacturer Innerva is now employee-owned through the creation of an Employee Ownership Trust.

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.

An Employee Ownership Trust 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.

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 to guide the business into its next phase.

Mr Blackburn, who has dedicated his career to re-shaping 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.”

Mr Hymus added: “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.

Mr Newman, a partner at Ramsdens, said: “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.”