Tributes are being made to business ’genius’ Eddie Davies, who has died on holiday in Portugal.

Mr Davies CBE, was the former managing director and later executive chairman of island business success story Strix.

Mr Davies, 72, was praised by Strix for his ’visionary leadership’ of the kettle safety control business, transforming Strix into a world leading manufacturer of kettle controls.

Strix chairman Gary Lamb told the Manx Independent: ’I was shocked and am very sad to hear the news about Eddie’s death.

’I had known Eddie for 22 years and worked with him for 11 years when I was the finance director at Strix.

’Eddie was a commercial genius who I and many others learnt an enormous amount from.

’Eddie had a significant positive impact on many people’s lives and will be sadly missed.

’My thoughts are with his family and friends at this time.’

Strix is based at Forrest House, Ronaldsway.

Management released these details about the company and Mr Davies’s vital role.

’Strix plc history can be traced back to 1951 when Eric Taylor established Castletown thermostats on the Isle of Man to manufacture his revolutionary thermostat based upon technology developed during the Second World War to control heated flying suits worn by bomber crews.

’In 1982 the business became Strix Ltd under the leadership of Dr John Taylor OBE FREng who had succeeded his father in 1979, and during John’s career as serial inventor he registered over 700 patents.

’Dr Edwin Davies CBE joined Strix in the early 1980s, assuming the role of managing director in 1984 and then executive chairman in 1999.

’By the time Eddie retired in 2006, Strix Ltd had grown from a company making one million controls per annum to over 40 million controls per annum, his visionary leadership transforming Strix to the world leading manufacturer of kettle controls and also resulted in Strix being awarded four Queen’s Awards for Export and Innovation.’

Mr Davies, who lived in Ballasalla with his wife Sue, was described as a ’genuine and generous’ man by Lesley Ingham.

Mrs Ingham of Greeba, said Mr and Mrs Davies took her daughter Yasmin under their wing in the world of horse eventing.

Yasmin, who is now 21, was offered the chance to be based at the Davies’s stud farm in Cheshire.

Mrs Ingham said that her daughter was given the chance to ride Mr Davies’s horses in top class eventing.

Highlights of her rising career included being junior British champion in 2015 and coming fourth this year in the European championships in France, and this was all down to Mr Davies and his wife giving her opportunities for success.

’This has been a massive shock,’ said Mrs Ingham.

She last saw Mr and Mrs Davies at an equine event in Ireland recently.

The sad news was first broken in a statement released by the family’s solicitor which read: ’It is with great sadness that Sue Davies and family announce the death of Eddie Davies CBE today, 11th September. Eddie passed away during the night whilst on holiday in Portugal. The family would be grateful if their privacy could be respected at this time.’

MrDavies was the former owner and honorary president of Bolton Wanderers.

Bolton Wanderers said: ’It is with great sadness Bolton Wanderers Football Club has learned of the passing of former owner Eddie Davies CBE. The thoughts of all at the club are with his wife Sue, his family and friends at this sad time.’