In a move that has been hailed as a groundbreaking decision, Gary Grant, the founder of The Entertainer, has announced that he will be transferring 100% ownership of the UK’s biggest toy shop chain to its 1,900 employees. This will be done through an employee trust, making The Entertainer one of the latest major UK brands to join the growing trend of staff ownership.
The decision to hand over ownership to the employees is a testament to Grant’s commitment to the company’s values of inclusivity and empowerment. With this move, he hopes to not only secure the future of the company but also to reward the hard work and dedication of his employees.
The Entertainer was founded in 1981 by Grant with a single store in Amersham, Buckinghamshire. Since then, it has grown into a household name with over 170 stores across the UK and a strong online presence. The company has seen tremendous success over the years, with a turnover of £200 million in 2019. However, Grant believes that the success of the company is not solely due to his efforts but also because of the hard work and dedication of his employees.
Grant’s decision to transfer ownership to the employees is a bold move, especially in the current economic climate. With the retail industry facing numerous challenges, including the rise of online shopping and the impact of the COVID-19 pandemic, many companies are struggling to stay afloat. However, Grant believes that by giving the employees a stake in the company, they will be more motivated to work towards its success and ensure its long-term sustainability.
The transfer of ownership will be done through an employee trust, which will hold the shares on behalf of the employees. This means that the employees will have a say in the company’s decision-making process and will also receive a share of the profits. Grant will remain as the company’s chairman, and his son, Stuart Grant, will continue to serve as the managing director.
The move to employee ownership is not a new concept in the UK. In recent years, there has been a growing trend of major companies, including John Lewis, Richer Sounds, and Riverford, transferring ownership to their employees. This model has proven to be successful, with employee-owned companies outperforming their competitors in terms of productivity, profitability, and employee satisfaction.
Grant believes that this decision will not only benefit the employees but also the company as a whole. He stated, “I have always believed that our people are our greatest asset, and I am confident that by giving them ownership of the company, they will be even more motivated and committed to its success. This move will also ensure that The Entertainer remains true to its values and continues to provide the best possible experience for our customers.”
The news of The Entertainer becoming an employee-owned company has been met with great enthusiasm and excitement from both employees and customers. Many have praised Grant for his forward-thinking and inclusive approach to business. This move has also been seen as a positive step towards creating a more equitable and sustainable economy.
In conclusion, Gary Grant’s decision to transfer 100% ownership of The Entertainer to its employees is a bold and commendable move. It not only secures the future of the company but also recognizes the hard work and dedication of its employees. This move sets an example for other companies to follow and shows that a successful business can also be a socially responsible one. The Entertainer’s transition to employee ownership is a win-win situation for all involved, and we can only expect to see even greater success for the company in the years to come.
