Latest news with #Entertainer
STV News
a day ago
- Business
- STV News
British toy shop chain The Entertainer hands ownership to its 1,900 staff
One of the UK's biggest toy chains is set to become employee-owned after the founders said they were handing over control to the group's 1,900 staff. The Entertainer, whose parent firm also owns Early Learning Centre toys, will share profits among workers under the new structure. 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. Get all the latest news from around the country Follow STV News Scan the QR code on your mobile device for all the latest news from around the country
Metro
a day ago
- Business
- Metro
Founder of one of UK's biggest toy chain hands all 160 shops to his workers
The founder of The Entertainer – one of the UK's largest toy chains – is handing over his shops to his 1,9000 staff. Gary Grant, who opened his first toy shop with his wife Catherine in 1981, will transfer ownership of all Entertainer outlets to an 'Employee Ownership Trust' next month. Early Learning Centre and Addo, which his firm TEAL Group Holdings owns as well, will also be transferred to staff. Mr Grant's multi-pound empire includes 160 stores across the country. The firm said that as beneficiaries of the trust, employees will be rewarded through tax-free bonuses based on the amount of profit the business generates. They will also have influence over the future direction of the business, 'sharing both the responsibility and the rewards of having a stake in the firm's success'. A newly created 'Colleague Advisory Board' will help shape policies, share colleague views and ideas and will have a representative that will sit on the three person Trust Board, the company said. Mr Grant, who started the firm when he was just 23 with just one O-level under his belt, said: 'Today marks a momentous day for the Grant family. It feels like only yesterday that my wife Catherine and I opened our first store in Amersham, and we could only have dreamed what heights the business would reach. '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.' The 66-year-old told the BBC that staff most of the Entertainer's profits are made in the lead-up to Christmas but it was a bit too early to say whether staff would get a bonus for this finanancial year. He added that that the 'real rewards' should come for the year ending in January 2027. Mr Grant and his family will receive a payout for the transfer of their 100% shareholding, which will be taken out of the chain's profits over time, the BBC reports. In its most recent set of accounts for the year end of January 2024, the Entertainer posted pre-tax profits of £6.7m. The Grant family have always run the chain with a Christian ethos, refusing to open the shops on Sunday and donates 10% of its annual profits to charity. More Trending As well as in its own stores, its toys are stocked in branches of Tesco and Matalan. James de la Vingne, chief executive officer of the Employee Ownership Association, said: 'It's always an exciting time when a major high street brand takes the bold move to become employee owned. That's why I'm delighted to welcome The Entertainer not only to employee ownership, but as a Trustee member of the EOA. 'We're seeing a growing trend for retailers making the move to employee ownership alongside calls to help save the high street. To my mind, a key piece of the solution is employee ownership.' The UK's largest employee owned retailer is the John Lewis Partnership. Get in touch with our news team by emailing us at webnews@ For more stories like this, check our news page. MORE: Prince Charles Cinema could be opening a new venue in east London MORE: LookFantastic to launch three beauty advent calendars this Christmas to mark major milestone MORE: Aston Villa fan moons judge in court after he jails her for slashing Birmingham supporter
Wales Online
a day ago
- Business
- Wales Online
The Entertainer makes major announcement on future of 160 shops
The Entertainer makes major announcement on future of 160 shops Gary Grant, who opened the first store with his wife Catherine 44 years ago, called it a 'momentous day' The Entertainer will share profits amongst workers under the new structure (Image: The Entertainer/PA) One of the UK's biggest toy chains is set to become employee-owned after the founders said they were handing over control to the group's 1,900 staff. The Entertainer, whose parent firm also owns Early Learning Centre toys, will share profits among workers under the new structure. 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. The Entertainer shops do not open on Sundays as part of the company's Christian ethos (Image: The Entertainer/PA) 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. Article continues below 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.
Leader Live
a day ago
- Business
- Leader Live
British toy shop chain The Entertainer hands ownership to its 1,900 staff
The Entertainer, whose parent firm also owns Early Learning Centre toys, will share profits among workers under the new structure. 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.
North Wales Chronicle
a day ago
- Business
- North Wales Chronicle
British toy shop chain The Entertainer hands ownership to its 1,900 staff
The Entertainer, whose parent firm also owns Early Learning Centre toys, will share profits among workers under the new structure. 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.
