After 50 years as a family-run photographic retailer, Park Cameras, has officially transitioned to an employee ownership trust (EOT). The company says the move will help retain, incentivize, and reward its team of 65 loyal workers but also provide long-term sustainability for the company.
“Our family of employees are the heart and soul of the business and I’m extremely proud of every single one of them,” said Roscoe Atkins, owner and current managing director. “Our continued success and growth over the coming years rest 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, the company said. Buying and selling used cameras is an expanding arm of the business and the company expects to double sales of used stock in the next two years.
“Despite a challenging period during the pandemic, we have increased revenue by 65% over the last five years,” said Atkins. “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 Camera was founded in 1971 by Reg Atkins in Burgess Hill, West Sussex, with just £500 in the bank, largely invested in a range of second-hand stock. Reg organically grew the business with friends and family members. In 2013, his son, Roscoe, officially took over the reins and immediately expanded the business by opening a large store in central London.