Geldards help Wales’ first Estate Agency transition to Employee Ownership
Geldards one of the leading advisors on Employee Ownership Trusts has advised Dafydd Hardy Estate Agents on its successful transition to an Employee Ownership Trust (EOT) the first estate agent in Wales, and possibly the largest in the UK, to become employee owned.
Established in the early nineties by founders Dafydd Hardy and Richard Thomas, Dafydd Hardy independent estate agency has grown to encompass five offices covering Gwynedd, Anglesey and Conwy and has become one of the most successful enterprises in North Wales. The award winning firm is renowned for its expertise and experience in all residential and commercial property matters.
Deciding to hand over the reins of ownership to its employees by way of an Employee Ownership Trust (EOT) the founders of Dafydd Hardy wanted to ensure the future of the company remained in the hands of those who contributed to its success, and reward their dedicated staff with a stake in the future of the business, whilst maintaining its unique Welsh culture.
A popular alternative to a sale on the open market, an Employee Ownership Trust hands ownership of the business to employees and trustees are appointed to ‘look after’ shares in the business on behalf of the employees. Many businesses are realising the benefits of this model as an effective means of succession planning, helping to retain the integrity, culture and knowledge-base of the business and ensuring business continuity by retaining valued staff.
The Welsh Government is committed to increasing the number of employee-owned businesses in Wales, and as the first estate agency in Wales to adopt this model, Dafydd Hardy is setting a precedent for innovation in the property sector. Founders Dafydd and Richard will remain in the business working alongside fellow employees to secure the company’s future growth.
Geldards is a leading advisor on Employee Ownership Trusts and has guided many businesses through the transition to employee-ownership, helping ensure business continuity and security for the future. The team at Geldards advised Dafydd Hardy on the transition to an Employee Ownership Trust, 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.
Tax Partner Andrew Evans led the deal advising on all legal aspects of the transaction supported by Corporate Partner Alex Butler and solicitor Mina Dimitrova.
Mr Dafydd Hardy MRICS, Founder said:
“We were incredibly impressed with the guidance and support provided by Andrew and his team at Geldards throughout our EOT journey. Their efficiency, responsiveness, and informative approach made the complex process much easier to handle.
Their organised and professional manner ensured that we were always kept in the loop and well-informed every step of the way. We would highly recommend Geldards to any business considering an EOT.”
Andrew Evans, Partner at Geldards Cardiff commented:
“It was great to work on the successful transition to employee ownership of Dafydd Hardy Estate Agents and create a solid foundation for the future while protecting the business legacy of Dafydd and Richard. We look forward to working with the team in the future.”
Mike Williams, Specialist EO Consultant at Cwmpas added:
“It was a privilege to work with the owners and staff at Dafydd Hardy on their transition into Employee Ownership. The EOT model helps to preserve the company’s future in the hands of their best asset – employees”
“Dafydd Hardy joins the growing number of EO businesses in Gwynedd, which is the first EO county in Wales, supported by Gwynedd Council and their SPF funding.”