Penny Engineering, a long-standing leader in designing lifting and handling solutions, is proud to announce its official transition to an employee ownership trust, effective following the internal announcement made to all staff on Thursday 20th November 2025. This landmark decision ensures the long-term sustainability and independence of the business, protecting its core values for future generations of employees.
The transition to an Employee Ownership Trust (EOT) is rooted in the company’s deeply held, multi-generational philosophy: that the business should be run for the benefit of those who work within it, not for external shareholders.
Tim Penny, recently appointed Managing Director of Penny Engineering, elaborated on the core rationale behind the move. He stated that: “Our commitment has always been to the long-term stability of this business and the people who work within it. By transitioning to employee ownership, we are decisively guaranteeing that Penny Engineering’s success, survival and future for the next 100 years will be determined by our team, free from the volatility of external shareholder demands.”
This sentiment was reinforced by Robin Penny, Chairman of the Board, who reflected on the family legacy: “We were brought up by our dad to believe that we were custodians of the business, not owners. He believed that only people working in the business should benefit from it. This transition brings that principle to life, ensuring that the team who work within Penny, the ones who drive our success, are the ultimate beneficiaries.”
A Sustainable Future
Penny Engineering already benefits from high staff retention and a senior team that has been largely brought up within the business. Employee ownership is the natural next step to continue this investment in people, enhancing job security and driving positive change from within.
To ensure employee influence at the highest level, a Trustee Board has been established. This board is chaired by Robin Penny and includes two dedicated employee representatives, Jocelyn Cole (General Manager, Goods Lifts) and Sam Dobson (General Manager, Sidetracker), along with independent trustee David Ball, and Finance Director Ashley Holmes. This Trustee Board will provide essential support, challenge and oversight to the operating company’s Board of Directors. An employee council will also be established, giving staff a direct say in decisions regarding welfare and charity budgets.
While EOTs are a common mechanism for achieving tax-free exits, Penny Engineering’s approach was distinctly different and not driven by maximising personal financial gain. The transition was executed at a significant discount to the company’s value specifically to avoid placing any financial pressure on the business.
The directors extended their sincere thanks to their professional advisors: Shorts Chartered Accountants and Knights Plc, who supported the company throughout this complex process.
David Robinson, Tax Partner at Shorts, said: “Throughout the past 20 years or so that Shorts has been a trusted adviser to Penny Engineering and its stakeholders, it has been clear that employees are at the heart of the business. We understand how important legacy is to everyone involved and are delighted to have played a small role in helping the business transition to employee ownership. We look forward to working with the Directors and Trustees in this exciting new chapter.”
This transition marks an exciting new chapter for Penny Engineering, solidifying the legacy built over decades. The combination of their deeply ingrained values, a stable financial structure, and a highly engaged, invested workforce ensures that Penny Engineering remains an innovative and reliable partner well into the future.
