A Gloucestershire company has moved to employee ownership, to protect jobs and allow the founder to take a step back from the business.

Chronos Technology, based at Lower Lydbrook in the Forest of Dean, the UK's leading resilient synchronisation and timing expert, has transitioned to employee ownership through the Chronos Technology Employee Ownership Trust (EOT) Ltd.

The company employs 33 people and has a turnover of £5 million.

Professor Charles Curry, who established Chronos Technology Ltd in 1986 and was co-owner alongside his wife, Angela Curry, had been deliberating succession planning and their exit from the business.

He considered various options, including a third-party sale or a management buy-out, but dismissed them.

Charles said: "I am aware of business owners who had exited through third party sales and had not enjoyed the experience of working under new management for the agreed handover period.

"New owners generally change the dynamic of the business, often introducing new staff and work practise, without giving opportunity to existing staff and process. We did not want this for Chronos."

He said the EOT would safeguard jobs and ensure the company's customer first work ethic could continue.

"Going forward, in the hands of the employees, the company will benefit from increased customer engagement and the commitment to a team approach to steer the business on the next phase of its journey."

Joanne Akers is the new managing director of Chronos. She has worked for the company for over 20 years.