Latest news with #Grantfamily
The Independent
a day ago
- Business
- The Independent
Major retail chain to be put into an employee ownership trust
The Entertainer, the UK's largest toy retail chain, is transferring full ownership to an employee ownership trust. Founder Gary Grant opted for the employee ownership model to preserve the company's values and benefit its 1,900 workers. Under the new structure, employees will receive tax-free bonuses from company performance-related profits and gain a voice through an advisory board. The Grant family will be paid for their ownership stake over time from company profits, with staff expected to see the first rewards by January 2027. The company, which reported £6.7m in pre-tax profits last year, operates 160 stores and maintains partnerships with retailers such as M&S and Tesco.
Sky News
a day ago
- Business
- Sky News
UK's biggest independent toy shop chain given to employees
The UK's biggest independent toy retailer is being taken from private ownership and will be owned by its employees, who will share in the company's profits. The founder of The Entertainer chain, Gary Grant, is putting the future of the business in the control of its 1,900 employees. The company operates more than 160 shops as well as concessions in Tesco, Matalan and M&S. As a result of the ownership changes, employees will be rewarded through tax-free bonuses based on the profits generated in the future. Direction of the company will be overseen by a three-person trust, one of whom will be a representative of the staff board. That trust will own 100% of the company. Current shareholders, the Grant family, will be compensated for the sale of their stake from future profits of the business. It's being done to ensure the business, which also owns the Early Learning Centre and Addo Play, remains independent and to preserve the family legacy and feel of the business. 'A growing trend' It's part of what's being described by the chief executive of the Employee Ownership Association, James de la Vingne, as a "growing trend" for retailers. "We're seeing a growing trend for retailers making the move to employee ownership alongside calls to help save the high street," he said. Other businesses operating such a model include the John Lewis Partnership, home entertainment retailer Richer Sounds, and outdoor adventure company Go Ape. "I have no doubt that other familiar brands will follow The Entertainer's example of what's possible. The future of the high street is employee ownership," Mr de la Vingne added. What is The Entertainer? The company was founded in 1981 in Buckinghamshire by Gary and Catherine Grant. It's also a designer, sourcer, developer and wholesaler of toys across multiple international markets.
Yahoo
03-08-2025
- Business
- Yahoo
Glenfiddich and the Balvenie's Parent Company Reports a Nearly 30% Profit Drop in 2024
It seems that tough times continues to hound the spirits industry, and scotch whisky is one category that is feeling the pain. Late last week, the family-owned company William Grant & Sons (owner of major whisky distilleries Glenfiddich and the Balvenie, as well as Milagro Tequila and Sailor Jerry Rum) reported a significant decrease in profits by nearly 30 percent in 2024. It remains to be seen how this year will play out, but that's a lot of ground to make up. According to a recent article in The Herald, WGS, which is owned by the billionaire Grant family, reported that its profits dropped by about a third in the year ending in December of 2024, and revenue was down by 6.5 percent. 'In a year marked by industry-wide challenges, the decline in revenue compared to 2023 is in line with market trends, including the continuation of significant destocking,' said a rep for the company in a statement. 'Despite these significant headwinds, William Grant & Sons maintained its commitment to quality and innovation. This was demonstrated by the announcement of Glenfiddich's multi-year partnership with the Aston Martin Formula One team in November 2024, bringing together two brands renowned for their heritage, innovation, and pursuit of excellence.' More from Robb Report A Brand-New Pebble Beach Compound Overlooking Spyglass Hill's 11th Fairway Lists for $10.9 Million One of America's Biggest Whiskey Distilleries Has Seen Its Sales Plummet Ex-Google CEO Eric Schmidt Just Dropped $110 Million on Aaron Spelling's Former L.A. Mansion Despite these challenges, Glenfiddich and the Balvenie remain in the list of top five best-selling single malts (rounded out by the Macallan, the Glenlivet, and Glenmorangie). And WGS completed the purchase of Naked Malt and the Famous Grouse this month; the latter is the best-selling blended scotch in the U.K., so presumably that will help sales figures. On the other hand, the company decided to partially pause production at its Tullamore D.E.W. distillery in Ireland this past spring, part of an ongoing trend in the whisky industry. (The company said production will resume this summer.) Of course, we are only halfway through 2025, so it remains to be seen whether these losses will continue or the course will be reversed, although the recent negotiation between the Trump administration and the E.U. resulting in a 15 percent tariff likely won't help. In the U.K., politicians are pressing him to ease the current 10 percent tariff on scotch that has been levied against the industry to the tune of about £4 million per week, according to the Independent. The situation remains fluid, but we will report back with any significant updates. Best of Robb Report Why a Heritage Turkey Is the Best Thanksgiving Bird—and How to Get One 9 Stellar West Coast Pinot Noirs to Drink Right Now The 10 Best Wines to Pair With Steak, From Cabernet to Malbec Click here to read the full article. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
