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B&Q and Screwfix employees share 15m share-save payout

Workers at B&Q and Screwfix are celebrating a £15m windfall after a share incentive scheme for the DIY retailer paid out.

More than 1,400 head office and store workers will collect an average profit of £6,867 from the scheme, with some employees earning more than £40,000.

The ShareSave scheme was launched in 2008 as a five-year plan, with a smaller three-year scheme launched in 2010.

Joanne Scott, a 39 year old mother of two from Lancashire, was "delighted" with her £41,000 pre-Christmas windfall. The B&Q store manager has been saving £250 during the past five years under the scheme.

The payout is the latest example of a high street retailer incentivising staff by offering shares in the business. The most generous scheme in the industry belongs to Sports Direct, which paid out almost £140m to staff after a sharp rise in sales and in the sportswear retailer’s share price.

Ian Cheshire, chief executive of Kingfisher, parent company of B&Q and Screwfix, said: “At Kingfisher we believe that the colleagues who contribute to the long-term success of the company should also share in the rewards.

“Ours is a people business and it is the hard work of our staff that has delivered this performance in difficult economic conditions. I am delighted that they are sharing in the benefits with this pre-Christmas windfall.”

John Baker, 63, from Wrington in North Somerset, who has been with Screwfix for 10 years is planning to spend his £41,000 on travelling around the world.

Since the launch of Kingfisher’s scheme in 2008, the company’s adjusted pre-tax profits have risen from £357m to £715m, while its market capitalisation has more than trebled from £2.6bn to £8.9bn.
However, shares in the retailer fell 2pc last week after the City was disappointed by a trading update.

Source : Graham Ruddick - the Telegraph
www.telegraph.co.uk/finance/newsbysector/retailandconsumer/10485999/BandQ-staff-share-15m-pre-Christmas-payout.html

01 December 2013
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