After 50 years operating as a family-run photographic retailer, Park Cameras, has announced the sale of investors shares to its employees and it has officially transitioned to an employee ownership trust (EOT).
This move is planned to reward its 65-strong workforce and provide long term sustainability for the company. Park Cameras also hopes that it will attract new talent as it plans to expand its team and grow both instore and online sales.
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. 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.”
Park Cameras has stores in central London and Burgess Hill. It plans to invest in its senior management team and stores, increase sales online, and grow its sales of second-hand cameras and lenses. The latter is an expanding arm to the business, and the comany 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.