Camden guitar shop becomes 60% employee owned
- Credit: Guitarguitar
The UK’s biggest guitar retailer, which boasts a popular Camden spot among its multiple locations, has restructured to become majority-owned by its 160-strong team of staff.
Originating in Edinburgh, Guitarguitar has stores all over the UK, including a space just off Camden High Street.
The store stocks brands including Fender, Gibson and Martin, with the retailer saying it shifts more than 50,000 guitars a year and has a turnover of £45 million.
The restructure means that 60% of shares are put into an employee ownership trust (EOT).
Founders Kip McBay and Graham Bell said the move would allow them to plan their exits from the company without threatening its ongoing success.
Graham said: “Not only did we want to reward staff for their efforts at the company but we also wanted to ensure our customers will always be front and centre.
"Every experience a customer has at Guitarguitar will now be with someone who is invested in and committed to delivering outstanding service to musicians.”