The United Kingdom’s largest independent toy retailer is undergoing a significant transformation as it transitions from private ownership to being owned by its own employees, who will now have a stake in the company’s profits. Gary Grant, the founder of The Entertainer chain, has made the decision to entrust the future of the business to its 1,900 employees.
With over 160 stores and concessions in major retailers such as Tesco, Matalan, and M&S, The Entertainer has established itself as a prominent player in the toy retail industry.
Money blog: Trump might have just cut the cost of your commute
As a result of this transition in ownership, employees can look forward to receiving tax-free bonuses based on the company’s future profits. Additionally, a colleague advisory board will be established to allow employees to contribute to policy-making and share their ideas.
The company’s direction will be overseen by a three-person trust, with one member representing the staff board. This trust will now have full ownership of the company.
In exchange for selling their stake in the business, the current shareholders, the Grant family, will be compensated from the company’s future profits. This strategic move is aimed at maintaining the company’s independence and preserving its familial legacy and ethos.
‘A growing trend’
This move towards employee ownership is part of a larger trend in the retail industry, according to James de la Vingne, the chief executive of the Employee Ownership Association. He notes that there is a noticeable increase in retailers adopting this model, especially in light of efforts to revitalize the high street.
Notable businesses that have embraced employee ownership include the John Lewis Partnership, Richer Sounds, and Go Ape.
«I have no doubt that other well-known brands will follow the example set by The Entertainer in exploring the possibilities of employee ownership. The future of the high street lies in this model,» Mr. de la Vingne emphasized.
What is The Entertainer?
Founded in 1981 in Buckinghamshire by Gary and Catherine Grant, The Entertainer is not only a leading toy retailer but also a designer, sourcer, developer, and wholesaler of toys across various international markets.
This strategic shift in ownership marks a significant milestone for The Entertainer, setting it apart as a pioneer in the retail industry. It symbolizes a commitment to its employees and a dedication to preserving its unique identity and values.