Industry stalwart, Martin Grossman has sold his majority share in his UK business H. Grossman Ltd and its Hong Kong arm H. Grossman (HK) Limited.
The news arrives in the same year that the family-owned business celebrates its 70th anniversary.
Ownership of the firm passes over to Mark Walls (pictured top left) and Daniel McLoughlin (pictured top right), who have completed a majority share purchase of the business.
Both formally of HTI where Walls held the position of UK managing and sales director along with McLoughlin in Hong Kong who was responsible for product development, sales and sourcing for over ten years.
Under the new deal, Grossman will remain a shareholder and director as he and his co-director Caroline Brotherton prepare to continue working within the business going forward.
“We are delighted and extremely proud to have the opportunity to acquire HGL,” said managing director, Mark Walls.
“The business has seen 70 years of success and has developed a reputation within the industry for delivering craze lines and award-winning products. There is great scope to expand the business with its core brands and licensed portfolio to its growing UK and international customer base.
“The UK and the HK teams have played a key part in the success of the company and it is imperative that the team remains at the forefront of the business for the future.”
Grossman has stated that he is ‘delighted for the pair.’
“This is a wonderful opportunity for them as both Grossman businesses are thriving with unlimited potential,” he said. “I’d like to thank my wonderful wife Elinor for standing by me for the last 45 years in the toy trade and for being my backbone.
“A special thank you goes to my co-director and friend Caroline Brotherton who has put her heart and soul into the business over the last two decades.”
Walls concluded stating that: “Both myself and Daniel are very much looking forward to working with Martin, Caroline and the team and build in the hard work and success of H Grosman.”