The Entertainer founders, the Grant family, are handing over control of the company to its 1,900 workers.
From September, the toy retailer will be transferred over from the Grants to an employee ownership trust, giving staff a share of the products and a say over how the business is run.
Gary and Catherine Grant founded the toy shop in the early 80s, growing from one shop to a multichannel business with 160 locations across the UK and concessions within Tesco, Matalan and Marks & Spencer stores.
The retailer said in a statement the move would “preserve both the family’s legacy” and the “family feel of the business”.
Co-founder Gary Grant 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.
“We’d like to send our sincere thanks to all our employees, who have worked hard to make The Entertainer what it is today. When we started the business, we had a vision of keeping an unwavering focus on children and community through creating memories, inspiring wonder and delivering outstanding service.”
Employees, who will now be beneficiaries of the trust, will recieve tax-free bonuses based on the amount of profit the business generates going forward, and will have influence over the business via a newly created colleague advisory board to shape policies and ideas.
A representative from the collague advisory board will sit on the three-person Trust board.
Teal Group Holdings, owner of The Entertainer and Early Learning Centre group chief executive Andrew Murphy OBE said: “What the Grant family have built is a true British success story – all the more impressive for having consistently championed the belief that business can be a force for good across the communities they serve. I have learned so much from Gary and the Grant family over the last two years and have thoroughly enjoyed working with them as we took the business into a new phase of growth both in the UK and internationally. The Group’s operational and financial strength provides a solid foundation for future success with a clear growth strategy, a dedicated & passionate team and a fantastic product offer.
“Since joining in 2023, I am proud of the strong Leadership Team we’ve built to deliver our ‘Play to Win’ strategy and it is this team, which will now provide continuity to our employees and trading partners as we transition into our new EOT ownership model.
“I know that our new structure will bring us even closer as a business and will provide our hard-working employees with a sense of opportunity, accountability and belonging as we work to create more memories, inspire wonder and deliver outstanding customer service. I am hugely excited for what lies ahead.”
Grant said: “We couldn’t be more proud that this still remains at the heart of the business today, thanks to the daily enthusiasm of our staff – many of whom have worked for us for many years. Because of this, ensuring our employees have a place in the Group’s future is hugely important to us. The business is in strong hands with Andrew Murphy and his team at the helm and we wish them all the very best as they take The Entertainer through this exciting next chapter of growth.”
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