In a Press Release Lyon's founder Ben Lyon announced the transition to Employee Ownership Trust status is now complete:

Ben Lyon started making caving ladders in a shed back in 1967, little thinking that over half a century later that tiny business would develop into the present-day Lyon Equipment Limited, with around a hundred staff and an enterprise that encompasses manufacturing, distribution and training.

“We have always been fiercely independent, and plan to remain so. After becoming a Limited Company we sought to keep our independence by developing an internal market for our shares, keeping ownership 100% in the hands of employees.

However, in recent years we came to the realisation that the majority shareholders were ageing rapidly and likely to leave within a short time frame so our plan would simply not continue to work. What to do? Selling the Company was ruled out, so we decided to enhance our employee-owned status by vesting ownership of Lyon Equipment into an Employee Ownership Trust.

Our key values remain unchanged as we move forward under our aim to ‘Venture Further’, but on the practical side of running the business there will be considerable change. We will continue our longstanding policy of promotions from within our hugely talented staff wherever possible.

Jonathan Capper will continue in his current role as Managing Director, supported by Paul Cornthwaite as Commercial Director, Rick Cockayne as Financial Director and Martin Bergerud as Petzl Agency Director. Ben Lyon retires with immediate effect along with Carol Nicholls, Tina Benson and Frank Bennett.

Becoming an employee Ownership Trust means that we need a Board of Trustees. Two of these will be long-serving members of staff; Michelle Airey and John Samways, to be joined by Jon Armitage, who has acted as an adviser to Lyon Equipment in past restructuring.

Under Jonathan’s expert guidance, Lyon Equipment will continue to maintain the highest standards of technical competence in all its fields of activity and strive to constantly improve our level of customer service.

It’s been a long and fascinating journey. Time now to take a back seat! - 

Ben Lyon. Aged 82!”

The move follows Nick Brown selling Paramo and Nikwax to their employees in February and Andy Utting and Carolyn Budding following suit with Terra Nova last week. An EOT is a trust that enables a company to become owned by its employees and can be set up by a company’s existing owners, as part of their exit or succession planning strategy.  

Normally, an EOT will acquire a controlling interest in a company from its current shareholders. Commonly, a price will be agreed (based on an independent assessment) which must not be more than market value and payment will then be made in instalments, the EOT being funded by the company from its future profits. The move allows the owners to sell their shares free of capital gains tax and the EOT will be run by its trustees. Their role will not be to manage the company (this continues to be the role of the management team) but to ensure the company is being well led and in a way which maximises employee engagement and commitment.