Dafydd Hardy becomes first estate agent in Wales to be owned by its staff

Dafydd Hardy has become the first estate agent in Wales to introduce an Employee Ownership Trust (EOT). Dafydd Hardy and Richard Thomas set up the agency together in 1992 - opening in Bangor and Caernarfon with three properties and five staff.

They have survived and thrived through housing booms and crashes - expanding the business over more than 30 years. The pair want to leave the firm in safe hands with a transfer of the business to the people who know it best.

An Employee Ownership Trust allows for the majority shareholding of the business to be transferred to employees, giving them collective ownership. This model has been gaining popularity across the UK as a way to reward and motivate employees, foster a sense of community, and ensure long-term business stability. As the first estate agent in Wales to adopt this model, Dafydd Hardy is setting a precedent for innovation in the sector.

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The pair said this 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".

They added: "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."

Both Dafydd and Richard will remain in the business but now as employees.

Dafydd Hardy said: "Our employees have always been at the heart of our success, and this move to an Employee Ownership Trust recognises their hard work and gives everyone an opportunity to further develop the business whilst retaining its unique Welsh culture and independence and delivering exceptional service to our clients. I am truly excited for the future of the brand and our partners."

Richard Thomas said: "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."

They added that clients can expect the "same high level of personal care and attention that has been the hallmark of our agency for years".

They said: "The introduction of the Employee Ownership Trust represents our unwavering dedication to creating a sustainable and prosperous future for both our employees and clients. It will ensure the business too remains part of the local community for many years to come. The business still has plans to continue to grow, evolve, and develop, but now with a new ownership structure. We are excited to be at the forefront of this movement in Wales and to continue setting industry standards while empowering our team."

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