Bingo staff hit the jackpot in Scotland’s largest employee takeover with Carlton's Inverness branch among those celebrating
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Inverness bingo hall employees are celebrating becoming part of Scotland's largest and latest employee-owned business.
Carlton Bingo is the first gaming company in the UK to adopt employee ownership.
The 27 staff at the Inverness branch are part of a 209 strong team that works across 10 venues.
The firm has made the move to employee ownership following what it described as a "positive rebound after the challenges and closures brought about by the pandemic".
The company has now put its shares into an Employee Ownership Trust [EOT], which will see its staff given a controlling stake in the business.
The four major shareholders Chris Barr, George Carter, Brian King and Peter Perrins decided to transition the business into employee ownership after considering their succession options and acknowledging their staff’s loyalty and commitment.
Mr Carter said: “It might sound like a cliché but we are very much like a family business here.
"The sale to an EOT fitted exactly with what we wanted.
"We have to wait a few years to realise our full value, but we judged that to be a risk worth taking to preserve all that’s good about Carlton for our customers and our staff.
"A management buyout was a real possibility – our management team are hugely respected within the business – but that really only defers the problem of succession.
"By transferring the shareholding to an EOT, the future of Carlton Bingo is secure for our loyal staff and customers.”
The four main shareholders have been involved in the bingo industry for most of their careers and were driven to find an exit solution that lessened any disruption to staff and customers.
Managing director, Mike Watret took what he viewed as a temporary job upon graduating from Stirling University in 1991.
He then went on to have a successful career with Gala Bingo and returned to Carlton 10 years ago.
Mr Watret said: “I didn’t expect to be back here 30 years later. It’s a great job working with a great team of people.”
The company was hit significantly during the Covid crisis, with one club being closed for a total of 400 days.
Mr Watret added: “We have recovered well from what was a challenging time. Eight of our 10 locations exceeded their targets for March and several are outperforming their 2019 results.
"This is testament to the hard work and loyalty of our staff who have done a sterling job in ensuring a safe and welcoming environment for our customers.
“If I had any doubts that this was the right way forward, they were banished when we delivered the news to the employees. There are challenges ahead, but with our great team here I’m confident that we’ll overcome them.”
