An agency has taken the unusual step of becoming an Employee Ownership Trust (EOT).
Dafydd Hardy in Bangor says it’s the first agency in Wales to take this step and possibly the first in the UK.
The initiative means ownership of the business shifts to its employees. Both former owners will remain in the business but now as employees.
An Employee Ownership Trust allows for the majority shareholding of the business to be transferred to employees, giving them collective ownership. Supporters of this business model claim it is a way to reward and motivate employees, foster a sense of community, and ensure long-term business stability.
A statement from the agency says: “This innovative move empowers our dedicated team and ensures that the future of the company remains in the hands of those who contribute to its success every day and the local communities they serve.
“The decision to transition into an EOT reflects our commitment to the people who have played a vital role in building Dafydd Hardy into the trusted and successful business it is today.
“By establishing an EOT, we are creating a more inclusive, collaborative environment where employees have a say in the company’s performance and growth.
“They’ll be working with the teams to continue to deliver the award-winning service that customers have come to expect from Dafydd Hardy, and support the business for many years to come.”
One of the former co-owners, Richard Thomas, says: “I am proud that Dafydd Hardy Estate Agents is becoming an EOT and will remain an independent trusted company in the property sector.
“It will provide opportunities for current and future staff as it grows and develops further within the local community.”
