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A Caerphilly-based insurance firm has marked its 51st anniversary by becoming employee-owned.

Thomas Carroll Group, based on Crescent Road, has handed over the reins to its 181 employees as part of an Employee Ownership Trust (EOT).

In doing so, it has become one of the biggest employee-owned businesses in Wales.

The business was set up in 1972 by Evan Thomas and Terry Carroll.

Now, more than five decades later Evan’s son, and current chief executive of the group, Rhys Thomas, has led the company’s latest move into employee ownership. It means its employees now own a share of the business. 

Explaining the move, 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.”

Rhys explained the company’s success has been built by its employees over the years. 

He said: “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 EOT does all of this.

“Thanks to the EOT the continuity of service will remain as there are no changes in the management team, just a shift in ownership.”

Thomas Carroll has been “fiercely independent for more than 50 years… and wishes to remain so”, said Rhys. 

He continued: “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.”

He said handing over control to employees “will deliver a better future for our clients, colleagues, and the communities we work in – it’s a total win”.

Rhys said he and his fellow board directors have no plans to leave the business: “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.”