Black Tomato Founders Sell 75% to Employee Ownership Trust, Retain Control

Luxury tour operator Black Tomato has transferred 75% of the business into a newly established Employee Ownership Trust, in a deal completed in early July and led by advisory firm Grant Thornton, which conducted an independent valuation (undisclosed). The three founders retain a 25% minority stake via a new B share class while preserving decision-making power, with existing management and the board staying in place under trustee oversight. Rather than selling to private equity, co-founder Tom Marchant framed the move as an "evolution, not an exit," designed to lock in independence, protect the company's culture, and offer employees future upside. The structure uses deferred consideration pa…