Geldards help leading insurance provider Thomas Carroll Group transition to an Employee Ownership Trust

Geldards one of the leading advisors on Employee Ownership Trusts, has advised major insurance brokers Thomas Carroll on the transition to an Employee Ownership Trust (EOT).

Established in 1972 and with over 50 years’ experience in the insurance industry, Thomas Carroll Group is headquartered in Caerphilly and is one of the leading independent insurance, risk, wealth management and insurtech Groups.

Geldards advised the Thomas Carroll Group on the formation of an EOT, the purchase by the EOT of the entire share capital and the process of engaging with the employees on the transaction.  An EOT hands ownership of the business over to employees and trustees are appointed to ‘look after’ shares in the business on behalf of the employees.  Thomas Carroll Group’s 181 employees have now become co-owners of the business via the EOT, maintaining the independence of the firm and giving employees a stake in the success of the company whilst preserving the company’s history and legacy.

The rise in popularity of EOTs has grown enormously over the past three years, with business owners becoming alive to the benefits that EOTS can offer. They prove to be an effective model to realise a succession plan for business owners, which puts employees at the heart of the decision.

Geldards guided the Thomas Carroll Group through the transition, Tax Partner Andrew Evans led the deal advising on all legal aspects of the transaction supported by Corporate Partner Andrew Morris, solicitor Jamie East and trainee solicitor Mina Dimitrova.

Commenting on the transaction, Andrew Evans, Partner at Geldards said:

“We were delighted to work with the team at Thomas Carroll Group, advising on all aspects of their transition to employee ownership and securing the legacy of the business for the future. Thomas Carroll Group is a valued client and completing the transition on time with particular complexities unique to the client’s business is a testament to the hard work of the team at Geldards and their ability to work smoothly with the management team at Thomas Carroll.”

Rhys Thomas, CEO at Thomas Carroll Group, commented:

“We wanted to respect the legacy and heritage of those who 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 are grateful to Geldards for taking us smoothly through the journey to employee ownership.”