CORE, a Cardiff-based web and branding agency, has marked its 21st birthday by becoming employee owned.
Founded in 2003 by its Managing Director Ceri Richmond, CORE has grown organically with Ceri initially working as a freelancer and in partnership with other creative agencies while growing depth of experience and clients along the way.
Working out of offices in Mount Stuart Square in Cardiff, the agency – one of the first digital agencies in Wales to be employee owned – works with clients including Admiral Law, Atradius, MotoNovo Finance and Techniquest. CORE offers everything from brand and web design to technical development to digital marketing for clients all over the UK.
Managing Director Ceri explained that while considering possible merger/acquisition activity with another larger organisation made him consider CORE’s long-term future. As part of a valuation process a chance meeting with a member of the Employee Ownership team at Social Business Wales, which supports companies in going into employee ownership, introduced him to the employee ownership trust (EOT) succession model, and he knew it was perfect for them.
“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” Ceri said.
“When I met Paul Cantrill from Cwmpas, he told me about EOTs and how it works and I thought, what’s not to like about this? It is a great way to continue the collaborative way we run the business and ensure a fair and equitable transition of ownership, it was very attractive to me and my principals.”
Ceri has no immediate plans to leave the business and will stay on as Managing Director as the business grows with its new management structure, with Ceri reducing his time at work slowly over that period.
Core’s EOT board comprises of its founder Ceri Richmond, Sasha Wright, Digital Project Manager, Chris Nokes, Digital Marketing Lead, Amanda Richmond, Director and independent trustee Paul Cantrill.
Chris said of the transition to EOT: “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, with BPU advised on its valuation. The business was also introduced and supported by Social Business Wales, delivered by Cwmpas.
The Employee Ownership Wales service from Cwmpas is part of Social Business Wales and of the Business Wales family, both funded by Welsh Government.
Paul Cantrill, specialist EO Consultant for Cwmpas, said: “It’s wonderful to help Ceri and the team at CORE implement and build a solid succession plan based on their strong employee culture.
“It has also been great to see the enthusiasm for the transition from the rest of the CORE team. They are all completely invested in this model of ownership, and I know it is going to take the business from strength to strength.”
