Thomas Carroll Group Becomes Employee Ownership Trust

This is an interesting move by the staff of Thomas Carroll Group, setting up an Employee Ownership Trust. Here’s the word;

The independent insurance, risk and wealth management group, has handed over the reins to its 181 employees as part of an Employee Ownership Trust. The South-Wales headquartered 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, office moves and openings, the influential leadership of its former Chair John Moore MBE, and 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.  This means that Thomas Carroll Group’s 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.

“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’ve never entertained a trade sale and are fiercely independent, putting our clients first 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.”

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 explained: “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 actively employing people who want to be part of this new journey for Thomas Carroll Group, who want to work for a company that is invested in the future of its employees and clients, and that is independent to its core and wants to stand out from the crowd.”

Thomas Carroll Group has obtained approval from FCA for the transition to EOT.

Thomas Carroll Group was advised on its EO transition by Geldards solicitors, McTaggarts, Kilsby Williams, Azets and MHA.