British toy shop chain The Entertainer hands ownership to its 1,900 staff
Gary Grant opened the first shop in Buckinghamshire with his wife Catherine 44 years ago.
The group now runs some 160 shops and 1,000 concessions across the UK in retailers like Tesco and Marks & Spencer.
Mr Grant said it was a 'momentous day' for the family, adding: 'Over the last 44 years, we have invested our working lives into this business.
'All our children are shareholders, and our two oldest sons joined to work alongside us, 20 years ago – so it's truly a family business.
'This is a significant decision for the family, and one we haven't taken lightly, but it feels like the right time to transfer our entire shareholding into an employee ownership trust.'
As beneficiaries of the trust, employees will be handed bonuses based on the amount of profit the business makes in the future.
It also means staff get to have a say in how the business is run.
The Entertainer shops across the UK close on Sundays as part of the Grant family's Christian ethos which encourages staff to spend the day with their families.
Teal Group, which owns the chain and toymaker Addo Play, made a pre-tax profit of £6.7 million in the year to the end of January 2024, according to its most recently filed accounts.
The UK's biggest employee-owned company is the John Lewis Partnership, with around 70,000 of its staff sharing in the company's profits.
Outdoor activities group Go Ape has some 1,000 staff that share in any surplus profits after handing over ownership in 2022, while TV and hi-fi retail chain Richer Sounds transferred shares into a trust six years ago.
James de la Vingne, chief executive of the Employee Ownership Association, said it was 'always an exciting time when a major high street brand takes the bold move to become employee-owned'.
'We're seeing a growing trend for retailers making the move to employee ownership alongside calls to help save the high street,' he said.
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