After 50 successful years, family-run photographic retailer, Park Cameras, has passed on the reins of its business to its team following the sale of investors shares to its employees.
In a bid to ensure the business continues to go the extra mile, providing the best possible service to its customers, it has officially transitioned to an employee ownership trust (EOT).
This move for Park Cameras will not only help retain, incentivise, and reward its team of 65 loyal workers but also provide long term sustainability for the company. What’s more, it hopes it will attract new talent as it plans to expand its team and exponentially increase sales instore and online.
Roscoe Atkins, owner and current managing director, said: “Our family of employees are the heart and soul of the business and I’m extremely proud of every single one of them.
“Our continuous success and growth over the coming years rests on our experts, so we decided to turn Park Cameras into a fully employee-owned business. The EOT will give us the chance to unlock value within the company and enable the team to become more invested both financially and emotionally in the business, whilst ensuring we never lose sight of what Park Cameras is renowned for.”
With stores in central London and Burgess Hill, Park Cameras has aspirational growth plans to further invest in its senior management team and stores, increase sales online, and importantly grow its sales of second-hand cameras and lenses.
With 50 years’ history of buying and selling used cameras, this is an expanding arm to the business, and it expects to double sales of used stock in the next two years. Park Cameras has over 100 awards for good service to customers and the business aims to add to this impressive collection in the near future.
Roscoe continues: “Despite a challenging period during the pandemic, we have increased revenue by 65% over the last five years. Thanks to the continued development of online sales, advancements of camera and lens technology and the EOT, we envisage a further growth of over 50% in the next two years.”