Park Cameras has passed on the reins of its business to its team following the sale of investors shares to employees. The company, established 50 years ago by industry veteran Reg Atkins with just £500 in the bank, is now an Employee Ownership Trust (EOT).
“Our family of employees are the heart and soul of the business and I’m extremely proud of every single one of them,” said current managing director, Roscoe Atkins. “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 is planning to invest further in its senior management team and stores, increase sales online, and grow its sales of second-hand cameras and lenses. As widely reported by AP, the used camera and lens market continues to expand.
“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,” Atkins added.
“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.”
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