Civil and structural engineering consultants Roger Casey Associate (RCA) has been acquired by its employees.
After setting up their business 25 years ago, Roger and Ann Casey, have sold 100% of their shares to an employee ownership trust (EOT).
Ms Casey, Philip Lawrence and Adam Williams will now become new company directors, with the trust board comprising of founder Mr Casey, Martin Jones as staff representative alongside Sandra Jenkins of Swansea-based accountancy firm Bevan and Buckland, who joins as an independent trustee.
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RCA has offices in Carmarthen and Haverfordwest and has recently expanded by opening an additional office at Baglan Energy Park in Neath Port Talbot.
The value of the deal has not been disclosed.
Mr Casey said of the transition: “We are totally committed to south west Wales and have no plans to move the consultancy from our main base in Carmarthen. So, when it came to succession planning and retirement, we looked at all of the options, including a management buyout or an outright sale.
“Selling the business wasn’t an option as we could see that interested companies could possibly create uncertainty around the future of the company and we weren’t happy to do that. A management buyout wasn’t a viable option either, as it wasn’t the right time for those who expressed an interest, therefore when we looked a bit further into the EOT model, we realised that it was perfect for us and the business.”
Ms Casey added: “The success of the company is down to the hard work of past and present employees and the loyalty we have received from our clients, many of whom have been with us from the beginning. Retaining the practice will safeguard the future of the business which is rooted in its locality, sustain employment opportunities for current and future employees and continue to support economic development in south west Wales.
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“Now we are employee owned, those who work with us currently and in the future will have a vested interest in the success of the practice. We believe keeping that legacy, the work and those skills here in south west Wales is vital,”
New managing director Mr Lawrence said: “This is an exciting time for us as a business, and to be able to continue to serve our clients has been an important consideration. Roger and Ann are staying on for the foreseeable future, so it will be business as usual. For those that might be looking to join us in the future, it does make for a much more attractive business. Working for RCA means that they will have a say and a stake in our successes.”
Mr Williams is now technical director of structural engineering and has been responsible for the Haverfordwest Castle and Saundersfoot Harbour regeneration projects. He added: “The decision by Roger and Ann to sell their company to the staff provides an exciting opportunity for all of us to become part of a successful business and shape the way the company is run.”
New independent trustee board member Ms Jenkins of Bevan and Buckland, said: “I’m delighted to join RCA EOT Ltd as a trustee, having worked with the directors at Roger Casey Associates since the company’s incorporation in May 2005.
“I look forward to supporting the employee ownership trust and to use my 25 years of experience working at Bevan Buckland to advise and guide the trust. We as a practice are proud to work with local businesses, supporting continued development and economic growth in the west Wales region.”
RCA was advised on its employee-ownership transition by Social Business Wales, which is delivered by Cwmpas.
Sarah Owens, specialist employee ownership consultant for Cwmpas, said: “RCA is the perfect example of how using an EOT as the mechanism for becoming employee-owned can suit certain types of businesses. For Roger and Ann, it was vital that the skills and business they had built remains in south west Wales.
“It is so difficult to find the right way to pass on a business that is beneficial to both the founders and the staff, but employee ownership is exactly that. Huge congratulations to RCA on this move to employee ownership, and I look forward to it expanding further in the coming years.”