ONE of Lydney's biggest manufacturing companies has new owners – the 70 people who work there.

Albany Pumps is now officially employee-owned after retiring owner Martyn Swaffield set up a trust company to guarantee the future of the factory in Church Road and a sister facility in Bradford.

Mr Swaffield and his wife Anne, who live in Littledean, were presented with a garden bench by the new owners to mark the end of his 50-year association with the company.

The company is believed to be the first company in the Forest to become employee-owned and is the only pump manufacturer in Britain to be held by staff.

Managing director Philip Dykes said: "On April 1, after more than 100 years of family ownership, our company became employee-owned.

"Ownership of this kind is becoming very recognised across the world and it is known that both governments and customers alike look upon employee-owned companies very favourably as they are without threat of takeover and have a strong vision and structure for the future.

"We will retain the family ethos into the future and many, many of our employees – or should I now say employee owners – have served the company for over 25 years, lots more for 40 years and two people for over 50.

"We have employed many combinations of families including three mothers and sons, at least one mum, dad and son, brothers and numerous fathers and sons with some still here today.

"The employee owners standing here today have given over 1,221 years of service to this company between us and it is hoped that families will continue to prosper throughout the Forest as a result of the Martyn's actions.

"Of all the products sold by British companies 10 per cent will be sold by employee-owned companies.

"As far as we are aware we are the only pump company with this status although 25 per cent of employee-owned companies are in manufacturing."

The company moved to Lydney in 1947 after suffering war-time damage in London and set up on land owned by Lord Bledisloe.

Albany has gone on to sell pumps around the world and can be found on ships and submarines, oil rigs and refineries, in factories and for use in road building.

One of the most unusual jobs involved a pump used by the Max Factor company to make perfume.

Steve Barnes, who has been employed at Albany Pumps for 52 years, said: "What had been in there was really concentrated and the smell was very strong – you could smell it for weeks.

"It was nothing like what comes out of the bottle."

He added: "I've really enjoyed working here. The work is so varied – you never get bored."

Presentations were made by Mr Barnes, Lyndon Powell – who has also been with the company for 50 years – sales director Geoff Maxted and Carole Allen, Mr Swaffield secretary for the last 25 years.

Mr Swaffield said he bequeathed "a company with a good and with money in the bank."

He said when he joined the company in 1967 much of the machinery dated from the Second World War.

The company faces challenging times – it recently lost a large order to an Indian competitor – but Mr Swaffield said those challenges could be turned into opportunities.