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Major British Toy Retailer Embarks on Radical Overhaul, Impacting All 1,900 Staff
In a shocking move, a prominent UK-based toy retailer has announced plans to undergo a drastic restructuring, which will have far-reaching consequences for its entire workforce. The Entertainer, a major player in the industry, is set to transform into an employee-owned entity, affecting all 1,900 staff members.
As per the new arrangement, the company’s profits will be distributed amongst workers, allowing them to benefit from the business’s success. This revolutionary approach aims to foster a sense of ownership and responsibility among employees, as they now have a vested interest in the company’s growth.
According to Gary Grant, the founder of The Entertainer, this major shift comes after 44 years of dedication and investment into the business by his family. He emphasized that their children are also shareholders, with two eldest sons joining the firm 20 years ago, solidifying its status as a genuine family-run enterprise.
The company’s existing owners will transfer at least 50% of their shares to an employee ownership trust, allowing workers to have a direct stake in the organization without requiring personal investment. In this setup, any profits made by the business would contribute to the trust, which would then reimburse the original owners for the share price.
Source: www.dailymail.co.uk
