Black Tomato Founders Sell 75% to Employee Trust
Luxury tour operator Black Tomato sold 75% of its business to an employee ownership trust in July 2026, while founders retain a 25% stake and control.
Stock photo for illustration only, not from the actual event
- Black Tomato sold a 75% stake to an Employee Ownership Trust (EOT) in July 2026.
- Founders retain a 25% minority stake through B shares and keep decision-making power.
- The company posted an operating profit of £3.09 million in 2024, tripling year-over-year.
- The move bypasses private equity offers to protect the company's independence and culture.
Luxury tour operator Black Tomato has transferred 75% of its business into a newly established Employee Ownership Trust, following a transaction completed in early July 2026. Led by advisory firm Grant Thornton, which conducted an independent valuation, the deal aims to provide liquidity to the founders while safeguarding the company's long-term operational ethos and corporate culture from external pressures.
Stock photo for illustration only, not from the actual event
According to 2026 articles of association published on Companies House, the three co-founders retain a 25% minority stake via a new class of B shares and preserved their decision-making control. Existing management and the board remain fully in place under trustee oversight. Co-founder Tom Marchant told Skift that establishing the trust was a smart way to evolve the business while giving staff confidence that its unique spirit and approach would be protected.
Rather than accepting offers from private equity firms that have been aggressively courting travel sector companies, the founders opted for the EOT structure. The transaction relies on deferred consideration payable to the founders over time, and the structure qualifies them for capital gains tax relief. This path ensures that the agency's feeling-based luxury travel model remains untouched by short-term corporate financial goals.
The Employee Ownership Trust (EOT) model has gained traction among successful independent companies looking for succession options that protect corporate identity. By retaining a 25% holding and active board control, Black Tomato's founders bridge the gap between employee empowerment and steady leadership continuity, protecting high-end bespoke client experiences from sudden shifts in ownership strategy.
Financially, Black Tomato enters this new chapter from a position of strength, having recorded £3.09 million in operating profit for 2024—triple the figure of the previous year. The operator serves approximately 5,000 travelers annually, boasting a 50% repeat customer rate, and is currently expanding its focus on family travel, which now accounts for over half of its total operations.
"A smart way of evolving the business while giving staff confidence that its spirit and its approach will be protected."
Tom Marchant
Source: Skift
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