Carlton Bingo chain becomes employee-owned firm

A bingo chain has become one of Scotland's largest employee-owned firms.

Carlton Bingo has created an Employee Ownership Trust, giving its 209 staff a controlling stake in the company.

Its former major shareholders said the move would secure the future of the company for staff and customers.

Carlton has venues in Inverness, Stirling, Livingston, Dunfermline, Buckie, Elgin, Fraserburgh, Dalkeith, East Kilbride and Partick in Glasgow.

Former shareholders Chris Barr, George Carter, Brian King and Peter Perrins decided on the step "after considering their succession options and acknowledging their staff's loyalty and commitment".

What are Employee Ownership Trusts (EOTs)?

EOTs are a government initiative which gives business owners the opportunity to sell their shares to an employee-owned trust, free from capital gains tax.

EOTs do not involve direct share ownership by employees, but a controlling interest in a company is transferred to an all-employee trust which is then held for the benefit of staff.

Source: PwC

Mr Carter said: "It might sound like a cliche 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."

He added: "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."

Finance Director Leslie Ross, who has worked at Carlton for almost 30 years, highlighted the significant length of service given by many of the employees.

He added: "The combined company length of service stands at over 1,500 years.

"We recently celebrated a 40-year service anniversary for one employee in Dunfermline."

The company was hit significantly during the Covid pandemic, with one club being closed for a total of 400 days.

It said it had since "recovered well from what was a challenging time".