Employees of DIY retailer Wickes have more than doubled the value of their investment in a company sharesave scheme that has just matured.
Wickes staff will share £14.1m of shares from the save-as-you-earn scheme after a 124% increase in the retailer’s share price over three years to £2.33.
The three year scheme, which started in November 2022, was open to all colleagues. Approximately 1,000 participated, by saving between £10 and £500 per month. They can use their savings to purchase Wickes shares at a discounted option price of £1.04.
The average saving was £199 per month, equating to savings worth £7,164 over the the scheme’s lifetime.
The share price at maturity gave them a value of £16,049. Those who saved the maximum per month – 163 employees – potentially make a profit of £22,327 profit.
Wickes chief executive David wood said: “I am absolutely delighted that so many of our colleagues are seeing the rewards of their commitment and the company’s strong performance and will have more than doubled their investment.
“The business is performing well and we have recently reported increases in sales, profits and number of stores. Ultimately, these results are only possible thanks to the hard work and dedication of our amazing colleagues, and it’s great to see so many of them benefitting.”
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