Dafydd Hardy Estate Agents has announced its transition to an Employee Ownership Trust (EOT), which is believed to make it the first agency in Wales, and possibly the largest in the UK to adopt this model.

The estate agency, established over 30 years ago, has signed up to the initiative that shifts ownership of the business to its employees, which the company says reflects its commitment to the people who have played a vital role in building Dafydd Hardy.

The independent business has five offices covering Gwynedd, Anglesey and Conwy.

By establishing an EOT, the agency says it hopes to create a more inclusive, collaborative environment where employees have a say in the company’s performance and growth.

What is an EOT?

An Employee Ownership Trust allows for the majority shareholding of the business to be transferred to employees, giving them collective ownership.

Dafydd Hardy says that it has adopted this model to reward and motivate employees, foster a sense of community, and ensure long-term business stability. The estate agency firmly believes that it is setting a precedent for innovation in the sector.

Both Dafydd Hardy and Richard Thomas (former owners) will remain in the business but now as employees. They’ll be working with the teams to continue to deliver the service.

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.

Thomas added: 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.”