Two years ago, we made the bold decision to become an Employee Ownership Trust (EOT).
As we celebrate this milestone, it’s clear that this move has shaped not only our business but also our culture, our relationships, and our future.
Why Did We Chose to Become Employee Owned
When we transitioned to an EOT in 2023, it wasn’t about chasing the highest bidder. It was about staying true to our values and our community. As our Thomas Carroll CEO Rhys Thomas explains:
“It was a choice. Myself, the other directors just didn’t want to sell out to a large corporation. We wanted this business to stay in communities for generations to come. And we wanted to give some quality people who are already in the business (and some that have yet to join us) the opportunities that we’ve had.
“The decision to become an EOT set us apart in an industry where selling to private equity or large corporations has become the status quo. Instead, we have committed to building a legacy of independence and shared success.”
Stephanie Hanwell, EOT Trustee and member of the EOT Board, was inspired to join Thomas Carroll because of its strong commitment to people:
“Being people focused was the thing that drew me into working for Thomas Carroll, I think we’ve always strived to be different as business and retaining that family ethos is only going become ever harder, so I think to really bring the focus back to our people, becoming an EOT seemed a logical next step.”
Two Years of Growth and Resilience
The results speak for themselves. Despite a challenging market, we’ve delivered two of our most successful years on record. Rhys proudly shared:
“Both of them have been two of our most successful years from a performance perspective, which is just fantastic. I think we’re on 11% growth this year.
“Even in a softened insurance market, our team pulled together, proving that when everyone understands how we work together and share rewards, great things happen.”
What It Means for Our Clients
Employee ownership isn’t just good for us, it’s good for our clients. It means continuity, stability, and long-term relationships. As Rhys put it:
“By committing to an employee ownership model, that means we’re here for the long term. That’s good for clients. And there’s an expectation that we’ll keep our colleagues together as a team because we’re all co-owners.
“Clients have responded positively, appreciating that we remain independently owned and focused on serving local communities rather than chasing short-term gains.”
Anthony Gregg, EOT Trustee and member of the EOT Board, attributes part of Thomas Carroll’s strong client performance to the company’s transition to Employee Ownership:
“The people of Thomas Carroll make the company run, and we feel that we own a part of the business. I think everyone gives more than 100% so clients can only benefit from that.”
Looking Ahead
Our journey as an EOT is just beginning. We’re thinking bigger and planning further ahead than ever before, as Rhys Thomas explains:
“Having committed through an employee ownership trust, we’re now looking at five- and ten-year plans. The philosophy that we’ve always had as a business is to invest to grow, and that’s something we’re going to continue to do.”
“That means investing in technology, attracting top talent, and staying ahead of changing client needs, all while keeping our core values intact.”
Becoming an EOT was more than a structural change, it was a statement of intent. As Rhys Thomas summarises:
“It’s a line in the sand that we’re not going to be demanding things that some of our peers tend to demand. We’ve gone against the grain, and we’re proud of that.
“Two years in, we’re proud of what we’ve achieved as an Employee Owned Business, and even more excited about what’s to come.”
