UK’s largest toy shop chain Entertainer is on the verge of a massive change. Now the business’s founders, Gary and Catherine Grant, are looking to pass on their whole stake in to an employee ownership trust. In many ways, this decision represents a continuation of the company. Gary Grant started it in 1981 with a single store in Amersham, Buckinghamshire.
In the last 44 years, The Entertainer has continued to grow, growing to a current portfolio of 160 stores across the UK. While the company does run physical branches, that’s just part of the story. It claims more than 1,000 concessions in large retailers such as Tesco and Marks & Spencer. This positive development is a testament to the Grants’ commitment to building a successful family business, as all of their children are now shareholders. Their two eldest sons have made it a family affair, being featured on The Entertainer for the last 20 years as well.
2023 has been the year of new leadership for The Entertainer, as Andrew Murphy took over as the new CEO of The Entertainer. With the Grants getting ready to retire, Gary Grant will be giving up his chair position in September. He admitted that it was a big deal to make this transition, but noted that it just seemed like the right time for the change.
“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.” – Gary Grant
In these uncertain times, The Entertainer remains committed to their 1,900 employees’ future. To make sure their voices are appropriately represented on these issues, the company created an Employee Advisory Board. The goal of this new initiative is to make sure that employees are active participants in determining how their future employer will chart its course going forward.
Employees have more to look forward to—with tax-free bonuses based on the company’s profitability coming their way. This practice helps motivate and empower staff to be problem solvers. It further creates an expectation of a shared success mentality across the entire organization.
While the news has been positive in many ways, The Entertainer has had a difficult time lately. For the year ending January 27, 2024 annual pre-tax profits tumbled 18% to £6.7 million. At the same time, sales had fallen by 3.7% to £238.3 million. These numbers underscore the challenges facing numerous retailers in an increasingly competitive environment.
Gary Grant reminisced on the history of The Entertainer against this backdrop of adversity. He had a deep appreciation for all the support over the years.
“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.” – Gary Grant
The Grant family’s decision to transition ownership aligns with broader trends in retail, where companies are reevaluating strategies for sustainable success.
James de la Vingne commended this move, describing it as “a bold and brilliant commitment to shared success and a stake in the future for the people who make the business what it is.” His comments highlight the promise of employee ownership to create a more inclusive working environment focused on long-term success.