One of Wales’ leading financial services firms, Thomas Carroll Group, has become employee-owned.
The Caerphilly-based independent insurance, risk and management company, has been acquired by its 181 employees via an employee ownership trust (EOT). The value of the buyout has not been disclosed, but sees the EOT acquiring 92.6% of the equity. A stake of 6% is being held in trust for the employees and 1% with group chief executive Rhys Thomas.
The business was established in 1972 by Evan Thomas and Terry Carroll when they were given the chance to buy a commercial account from another broker.
On the rationale for the deal, Mr Thomas, the son of co-founder Evan Thomas, 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.”
Mr Thomas said a trade sale of the business was never considered. He added: “We 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.”
Mr Thomas 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.
Thomas Carroll Group was advised on its employee ownership transition by Geldards solicitors, McTaggarts, Kilsby Williams, Azets and MHA.
