Thu, 06 Feb 2025 | BUSINESS SALE
Cardiff-based web and brand agency CORE has transitioned to employee ownership. That means the business, founded in 2003, will be owned by its employees through an Employee Ownership Trust.
The business which was set up by managing director Ceri Richmond works with clients including Admiral Law, Atradius, MotoNovo Finance and Techniquest. It offers a range of services from brand and web design to technical development to digital marketing for clients all over the UK.
It has grown organically with Richmond initially working as a freelancer and in partnership with other creative agencies while growing depth of experience and clients along the way.
Richmond explained that considering possible merger/acquisition activity with another larger organisation made him consider CORE’s long-term future. This introduced him to the EOT model, which he thought would be a perfect fit for the business.
"I had been considering how I could wind down in the coming years, but I still wanted to stay involved in the short term and evolve the management team to secure the future of CORE. We have such an amazing team and client base, many of whom we have been working with for years. I want to ensure they’re all looked after and that we do the right thing," Richmond said.
Richmond has no immediate plans to leave the business and will stay on as managing director as the business grows with its new management structure.
Richmond, Sasha Wright, digital project manager, Chris Nokes, digital marketing lead, Amanda Richmond, director and independent trustee Paul Cantrill, make up Core’s EOT board.
Nokes said: "From my perspective, I have a strong sense of a personal connection and investment in the development of CORE. I want to see it evolve and grow in the future and so anything I can do to assist to get it to that next step is very important to me. I’m very proud of what we’ve achieved over the past two decades while excited about the future and the ability to play a part in the evolution of the business."
Geldards provided legal advice to CORE on its EOT transition. BPU advised on its valuation. Social Business Wales, delivered by Cwmpas, also introduced and supported the business.
Find out why there is a growing interest in employee ownership trusts
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