Chronos becomes an Employee Ownership Trust
The Next Phase in the Chronos Journey
27 October 2021, Chronos Technology Ltd, the UK’s leading resilient sync and timing expert, has transitioned to employee ownership through the Chronos Technology Employee Ownership Trust (EOT) Ltd. Professor Charles Curry who established Chronos Technology Ltd in September 1986 and was co-owner alongside his wife, Angela Curry, had more recently been deliberating succession planning and their exit from the business. Various options such as a third-party sale or a management buy-out were considered but quickly dismissed.
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, and we did not want this for Chronos.”
He added “Over the years we have established a work ethic that puts the customer first. The EOT protects the loyal Chronos family and ensures the customer facing continuity of the business and most importantly safeguards jobs. 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.”
About Chronos Technology Ltd
Chronos is a leading international authority in resilient synchronisation and timing systems, smart technologies, GNSS and cyber security solutions for critical national infrastructure with unrivalled industry experience gathered over 35 years in specialist technologies such as GNSS, PTP, NTP and SyncE. Working closely with our customers and their evolving requirements, our team of technical experts provide complete solutions from network design, solution specification, build & test, installation & commissioning and 24/365 support, delivering best performance for timing & navigation applications. In addition, we offer novel GPS coverage solutions in hangars, manufacturing areas and underground, smart technology solutions and GNSS jamming detection and location solutions for law enforcement. We are trusted as experts by our customers across critical infrastructure including telecom, finance, energy, data centres, broadcast, aerospace, defence & security, enterprise/IT, emergency services, transport and manufacturing sectors.
The Chronos Technology Employee Ownership Trust Limited, was formally incorporated on 25th June 2021, company number 13477717, having acquired 75% of the entire issued share capital of Chronos Technology Ltd from Professor and Mrs Curry, and is now the majority shareholder in Chronos Technology Ltd. The existing management team and all normal operational activities of Chronos Technology Ltd continue unchanged.