Thank you Andy J2022, that's very interesting indeed.
It sounds as if, given the expense of applying for a patent, it was only something that you would consider doing if you thought you would make some money out of it rather than thinking "I've had a clever idea so I'd better patent it just on the off-chance". This does suggest that filing the patent would have been part of some kind of definite business plan rather than something speculative.
The family in question was not poor - my relative, Edwin Phillips, describes himself as "gentleman" in the patent application, which suggests they had some money to spare - but I don't imagine that they'd want to throw money at something without any obvious money-making potential in it. According to the Bank of England's inflation calculator, £30 in 1896 would be equivalent to £2700 today.
https://www.bankofengland.co.uk/monetary-policy/inflation/inflation-calculatorEdwin was still living with his parents and was only around 26 at the time he filed the patent application, then got married the following year to a widow 10 years his senior (my 2xgreat grandmother). I have no idea whether these two events were connected in any way.
I've looked (but not exhaustively) in local papers and trade publications for any evidence of the invention being sold under Edwin's own name. I think there's probably some more mileage in this, particularly if he decided to sell it under something other than his name. As I'm sure you can imagine, more generlal searching for anything to do with "Phillips" in a manufacturing and engineering field just turns up references to the big engineering conglomerate.
Anyway, it sounds as if the next step is to look for the Register of Proprietors and see if I can find anything there - thanks very much for mentioning this!