The founder of a trust that’s helped many businesses set up and expand has stepped down after 25 years - and has looked back at an ‘immensely satisfying journey’.

Stuart McKenzie is retiring as chairman from the McKenzie Trust at the age of 85 but will continue a role as president.

David Craine will take over as chairman.

Reflecting on his 25 years with the McKenzie Trust, he said: ‘It is a moment to look back with pride and to ask: “Have we achieved the objectives we set out all those years ago?” Those guiding principles remain unchanged.’

Stuart founded the Trust with his late wife Barbara in 2001.

Its objectives from the outset were to help businesses start up and grow in the Isle of Man without the pressures and personal risks associated with traditional bank loans, and to encourage entrepreneurs of all ages to establish or expand their ventures.

It also honoured the McKenzie family’s role in pioneering computer use in the island and their contributions to Manx business.

Stuart said: ‘Over the years, we have supported a remarkably diverse range of applicants - from a large nursery and aviation engineering trainers to software developers, intellectual property specialists, and even a body piercing business.

‘Many have benefited not only from financial assistance but also from the collective expertise of our trustees. In some cases, we have advised applicants to refine or reconsider their projects to improve their chances of success.’

Since the Trust’s inception, some 30 trustees have served, each for an average term of three years.

‘Almost all have expressed how rewarding they found their involvement,’ said Stuart.

‘Our unique qualification requirement - that trustees must have reached a defined stage in their career but be under 40 - ensures they bring fresh perspectives and a genuine understanding of entrepreneurial challenges.’

He added: ‘While our investment capacity has been somewhat constrained, we remain optimistic about the future. As both Barbara’s and my estate are largely deeded to the Trust, we anticipate being able to support even more aspiring entrepreneurs in the years ahead.

‘It has been an immensely satisfying journey, and I take great comfort in knowing the Trust is in capable hands.

‘As I step down, I extend my best wishes to David Craine as he takes over the chairmanship. I am confident that under his leadership, the McKenzie Trust will continue to thrive and make a meaningful impact on the Isle of Man’s business landscape.’

Stuart was awarded the MBE in the King Charles III birthday honours in 2022 for his work helping businesses use computers and also his commitment to leading the project to restore Queen’s Pier in Ramsey.

He was involved with the Queen’s Pier Restoration Trust since its inception in 2016, being project manager for the restoration of the first three bays and going on to become chairman of the trust.

He stood down from that role in 2022 and became the trust’s first president for an initial period of two years.