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Games Workshop designs and sells fantasy miniatures and tabletop games, mostly under its Warhammer brand, through its own stores, its website, and independent retailers.
Games Workshop makes the little plastic armies that people build, paint, and then push across a table to fight each other. Its main product is Warhammer, a tabletop game where two players command armies of detailed miniatures — think elves, orks, space marines, and demons — and roll dice to see who wins. The company designs the models, manufactures them in-house, writes the rules, and publishes the books and magazines that hold the whole universe together.
The money comes from selling those miniatures and games. Customers buy starter sets, individual model kits, paints, and rulebooks either from Games Workshop's own stores, its website, or the independent hobby shops that stock its products. A big part of the pull is the hobby itself: building and painting the models is as much the point as playing the game, which keeps people coming back to buy more figures and supplies. Its Warhammer stores and website give it a direct relationship with fans, while third-party retailers extend its reach into local gaming communities worldwide. The business is unusually profitable for a company that makes toys. That is because Games Workshop controls the entire chain — it designs the models, owns the factories that make them, and sells them under brands it owns outright. Fans are loyal and spend steadily, and the company has expanded Warhammer into video games through licensing deals with partners, which brings in royalties without requiring much extra work. It is headquartered in Nottingham, England, where its main factory and design studio sit.
The company turns a lot of its profit back to shareholders through regular dividends and occasional special payouts, and it has bought back shares too. Its biggest risk is that it depends heavily on one universe, Warhammer, and on a devoted but niche fan base. Still, that focus has paid off: Games Workshop has grown into one of the most valuable companies on the London Stock Exchange, and it now earns more from licensing its worlds to video game makers than many people expect from a miniature maker.
Saved answer · last researched 15 Nov 2026