Thomas Carroll Group has handed over the reins to its employees as part of an Employee Ownership Trust, turning it into one of the biggest Employee-Owned businesses in Wales.
The Caerphilly-based company was established in 1972 by Evan Thomas and Terry Carroll when they were given the chance to buy a commercial account from another broker, and Thomas Carroll was born.
After various acquisitions, multiple office moves and additional openings, more than 50 years later Evan’s son and current CEO of the Group, Rhys Thomas, has spearheaded the company’s latest move into Employee Ownership, meaning the 181 employees now own a share of the business.
Explaining why Thomas Carroll Group has decided to go into EOT, Rhys said: “This is all part of our long-term succession plan for the business. The EOT model very much reflects the ethos of the group, one which has been in place since my father and Terry founded the company 51 years ago, and one which we now want to pass on to the next generation.
“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.”
Rhys added: “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.
“We’ve never entertained a trade sale and are fiercely independent, have been for more than 50 years, and wish to remain so. 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.”
“We have a great leadership team in place at Thomas Carroll Group that we know will be able to continue the growth strategy of the business and guide the rest of the employees through this transition period. So, this is a really exciting time for us as the Directors of the company, as well as for our employees, to be at the start of something amazing that is really going to make us stand out from the crowd in our sector,” Rhys explained.
Rhys and his fellow board Directors have no plans to leave the business and will continue in post to ensure a smooth transition into
Employee Ownership and the further growth of the business.
Rhys continued: “Operationally the business will remain the same, but the EOT will allow us to strategically evolve longer term. I know this is the right thing for us as a business and, I believe, for the future of our industry.
“This is also a really exciting time for anyone looking to join us. We are currently actively employing people who want to be part of this new journey for Thomas Carroll Group – those who want to work for a company that is invested in the future of its employees, that wants to stand out from the crowd and is independent to its core.”
We look forward to sharing our journey with you as we embark on this exciting new chapter.
Thomas Carroll Group was advised on its EO transition by Geldards solicitors, McTaggarts, Kilsby Williams, Azets and MHA.
