Thomas Carroll Group’s 181 employees now own a share of the “fiercely independent” brokerage following the creation of an employee ownership trust (EOT).
“This is all part of our long-term succession plan for the business,” chief executive Rhys Thomas (pictured above with some Thomas Carroll colleagues) said in a release. “The EOT model very much reflects the ethos of the group, one which has been in place since my father (Evan Thomas) and Terry [Carroll] founded the company 51 years ago, and one which we now want to pass on to the next generation.”
According to the Caerphilly-based firm, the move has turned it into one of Wales’ biggest employee-owned enterprises.
Lifting the lid on the decision, Thomas declared: “The group’s success has been built by the people we employ and have employed over the years, and we wanted to give back. We wanted to respect the legacy and heritage of those that built this wonderful company and to find a suitable way to achieve a successful succession plan at the same time – and we believe that EOT does all of this.
“We also wanted a succession solution that would benefit our clients, and we believe that an EOT achieves this, as we will remain independent and able to offer them the best help and advice available. Also, thanks to the EOT, the continuity of service will remain as there is no changes in the management team, just a shift in ownership.”
It was announced that Thomas and the company’s other directors are staying put and will ensure a smooth transition into employee ownership, all while continuing to grow Thomas Carroll. According to the chief executive, his camp is “currently actively employing people who want to be part of this new journey” for the group.
“We’ve never entertained a trade sale and are fiercely independent; have been for more than 50 years and wish to remain so,” the CEO said. “Within that time, we’ve seen many competitors being sold and swallowed up by larger companies and our industry in turn being monopolised by a few businesses – that has never been an option for us.
“We believe the EOT structure of the business will deliver a better future for our clients, colleagues, and the communities we work in – it’s a total win.”
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