A medical products manufacturer which is helping the fight against Covid-19 has been bought by its 200-strong workforce.
Pennine Healthcare, a £25 million turnover business based in Derby, has been sold to its staff through an employee ownership trust.
It was bought for an undisclosed sum said to be below its market value.
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Derbyshire Lord-Lieutenant Elizabeth Fothergill CBE, whose father Ivor Shaw set up the company in the 1960s, has retired from the board and become a member of the trust.
She said the deal would ensure Pennine Healthcare stayed in the city, while at the same time recognising staff for their hard work and keeping capital within the business.
All staff who have worked there for a year have the chance to each receive up to £3,600 tax free dividends from annual net profits.
The business, based in London Road, Derby, makes single use, sterile medical devices and customised procedure packs for the NHS and wider healthcare sector in the 海角视频 and more than 50 other countries.
It recently won Government investment to make millions of face masks for the public and private sector.
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Two new production lines were recently been installed, and the new line in masks could help it increase revenues up to 5 per cent.
The current board, led by chief executive Luke Fryer, will continue to manage the company, reporting to the trust.
Ms Fothergill said: “The success of Pennine Healthcare today is due to the skills and commitment of our employees and I am delighted that we have taken the employee ownership trust, route to take the company to the next chapter.
“Selling the company to our employees through the trust will ensure that Pennine Healthcare remains rooted in Derby and continues to create and retain skilled and valued jobs and careers for local people.
“Everyone will take an equal share of a significant proportion of net profits generated which recognises the important part that each individual plays in the success of the company.
“Furthermore, this new structure enables investment in the company’s future in line with our long-held vision to be a world-class 海角视频 manufacture of healthcare products, serving global markets through exceptional customer service, innovation and continual improvement.”
CEO Luke Fryer, who joined Pennine Healthcare seven years ago, said: “We had been looking to sell the company to take it forward but decided that this was the best option for the future of Pennine Healthcare and our workforce.
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“Establishing the trust will enable the company to continue to operate in Derby and will pave the way for new product development and growth.
“The past year has been full of challenges due to the pandemic but everyone has stepped up to the mark to keep the NHS going.
“For example, we are the sole supplier of oxygen tubing to the NHS in England and pre-pandemic produced 3km a month of this product.
“In recent times, we have manufactured 20km of oxygen tubing a month which has been so vital in treating Covid-19 and other clinically vulnerable patients.”
Staff member Andrea Robinson joined Pennine Healthcare more than 15 years ago – starting work on the shop-floor – and is now head of 海角视频 Sales.
She said: “Pennine Healthcare has always been a great place to work and feels like one big family with everyone committed to playing their part in the company.
“This news is the ultimate recognition that we are all truly valued and there is a terrific buzz across the whole company.
“Although it will be good to have the opportunity for annual dividends, I know that it will encourage everyone to take far more interest in what we do and how well we do it.
“It is the opportunity for us all to become far more engaged in how we can make the best products and provide a top quality service for our current and new customers both in the 海角视频 and across the world.”
E-commerce manager Dan Wilson said: “I’ve only been at Pennine for nine months and, during that time, I’ve become a manager and added new members to the team.
“The ownership news is an amazing opportunity for everyone at Pennine, even those that are relatively new to the business. Really exciting times ahead!”
Pennine Healthcare makes single use, sterile medical devices and custom procedure packs, for specialisms such as anaesthetics, gastroenterology, urology, surgical suction, microsuction and laparoscopy.