The Entertainer, Britain's largest toy shop chain, is set to open 160 new UK stores, creating 2,000 jobs. The announcement comes as founder Gary Grant prepares to transfer 100% ownership of the family-run business to an employee trust by the end of September.
The retailer, which also owns the Early Learning Centre and Addo brands, will be placed into a trust, with payments to the Grant family coming from future profits. The valuation of the company has not been disclosed. This move follows a £15.6m dividend paid to the family in the year to 27 January 2024, despite a drop in annual pre-tax profits to £6.7m from £8.2m the previous year.
A newly created employee advisory board will influence the company's future direction, and staff will receive tax-free bonuses based on business profits. Gary Grant, who stepped down as CEO in 2023, will also leave his role as chair when the deal completes. His sons, both employees of the company, will also depart.
Grant expressed pride in the transition, stating that it feels like the right time to transfer ownership to employees. The Entertainer joins other UK businesses like Richer Sounds and Riverford in adopting employee ownership. James de la Vingne of the Employee Ownership Association praised the move as a bold commitment to shared success.
