London Camera Exchange, England’s largest chain of impartial photographic stores, is set to reopen all 26 branches because the lockdown restrictions raise within the UK – and it’s also set to open a brand new twenty seventh department.
Not solely will the 140-strong workforce get pleasure from getting again to their stores after a protracted hibernation throughout the pandemic, they can even be celebrating their shared ownership of the enterprise – which strikes to an Ownership Trust, after 65 years of buying and selling as a household owned firm.
“While the enterprise is breaking direct hyperlinks with the household of its founders, we’re primarily transferring to the ownership of the broader London Camera Exchange household,” stated outgoing proprietor, Steve Hall.
“My father was a fantastic believer in individuals, and that is one thing that he would have wished. I’m happy to have the ability to move over the enterprise to its loyal employee household in such nice form.”
It’s a big step for the corporate, which is without doubt one of the few companies – not to mention brick-and-mortar retailers – to buck the pattern of the downturn within the business during the last decade.
Indeed, whereas the broader photographic market has seen a 70% decline over the previous 10 years, London Camera Exchange has skilled a powerful 32% development – which stands in stark distinction to the information that Jessops goes to administration for a 3rd time, placing 17 stores and 120 employees in danger.
“London Camera Exchange has gone about its enterprise in a modest and carefully-managed model through the years,” stated managing director, Nick Richens, who’s overseeing the transition.
“This has allowed it to develop and prosper – most lately in a harsh enterprise atmosphere. It is testomony to the individuals working throughout the group that it has stood the take a look at of time and has established the sturdy foundations that can allow this new ownership mannequin.”
Once non-essential companies are allowed to reopen within the UK, London Camera Exchange will open its latest premises on Park Street in Bristol.
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