Thomas Carroll, the independent insurance, risk and insurtech business, has reported continued growth in both its turnover and workforce in the financial year ending 31 December 2025, reflecting its ongoing investment in people, infrastructure and innovation.
Turnover increased by 4%, rising from £15.6 million in 2024 to over £16.2 million in 2025. This was driven by organic growth across the Group’s regional offices and the effective execution of Thomas Carroll’s post-Employee Ownership Trust (EOT) ambitions.
Profit before tax reduced from £1.6 million in 2024 to £1.3 million in 2025, signifying increased expenditure driven by continued investment in people, infrastructure and growth initiatives, alongside inflationary cost pressures.
The Group maintained a strong balance sheet, underlining its financial resilience and enabling continued investment in strategic growth initiatives.
Innovation remains at the forefront of Thomas Carroll’s strategy, and the Group continues to strengthen its ability to support evolving client needs.
The average number of employees increased to 186 in 2025 from 176 in 2024, proving continued recruitment to support growth and service delivery across the Group.
During the year the business, which has operated as an Employee Ownership Trust since 2023, expanded its regional footprint and operational capacity, strengthening its ability to support clients across the UK.
The Group progressed its entry into the Southwest market through the opening of its Bristol office in May 2025, alongside significant recruitment activity to support growth.
Within Bristol, office capacity was increased during the year to accommodate this expansion.
In London, further recruitment led to a move into larger premises, strengthening the company’s presence and capability within this key market.
Rhys Thomas, Chief Executive Officer at Thomas Carroll, said:
“These figures demonstrate that investment in people remains central to our strategy. We continue to prioritise capability development, retention and succession planning, recognising that the quality of advice we provide and the experience our clients receive are directly linked to our people.
“Operationally, we maintain a strong focus on efficiency, governance and regulatory compliance, ensuring our processes and controls evolve alongside the scale and complexity of the business.”
Rhys added:
“While profit before tax reduced during the year, this reflects a deliberate and significant investment programme that has been fully supported by our Employee Ownership Trust structure. We are attractive to talented people because of the certainty of our future, our independence and our ability to remain in control of our own destiny.
“The growth we have achieved across our regional offices, together with our continued investment in innovation, positions us strongly for the future. These results reinforce our commitment to sustainable growth and a long-term focus, further strengthened by our transition to employee ownership.”
