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Chronos Technology Ltd., a UK-based resilient synchronization and timing company, has transitioned to employee ownership through the Chronos Technology Employee Ownership Trust (EOT) Ltd.
Charles Curry who established Chronos Technology in September 1986 and was co-owner alongside his wife, Angela Curry, had been deliberating succession planning and their exit from the business. Various options such as a third-party sale or a management buyout were considered but quickly dismissed.
“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,” Curry said. “New owners generally change the dynamic of the business, often introducing new staff and work practice without giving opportunity to existing staff and process, and we did not want this for Chronos.”
“Over the years we have established a work ethic that puts the customer first,” Curry continued. “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.”
Chronos Technology specializes in resilient synchronization and timing systems, smart technologies, GNSS and cybersecurity solutions for critical national infrastructure, with industry experience gathered over 35 years in specialist technologies such as GNSS, PTP, NTP and SyncE.
The company provides GPS coverage solutions in hangars, manufacturing areas and underground, as well as smart technology solutions and GNSS jamming detection and location solutions for law enforcement. Customers include telecom, finance, energy, data centers, broadcast, aerospace, defence and security, enterprise/IT, emergency services, transport and manufacturing.