Jobs secured as telematics firm sold to employees

A Corby-based international telematics firm has been majority sold to an employee ownership trust (EOT) with financial support from HSBC UK.

Mobilevalley has used a £1m funding package from HSBC UK to support the transfer of ownership of the business to its employees, securing 18 jobs.

As part of its growth plans, the move has also enabled Mobilevalley to open its new branded Midlands Telematics Centre in Corby. The 3,500 sq ft 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% increase in turnover as a result of the deal.

Troy Smith, managing director at Mobilevalley, 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.”

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.”