Home Retail Group awards shares to staff following float

Following its de-merger from GUS in October and its subsequent flotation on the London Stock Exchange, Home Retail Group has offered its 30,000 staff free shares in the company through a share incentive plan (Sip).

Employees in the group, which comprises Argos and Homebase, had a two-week window in October to apply for their shares.

Staff in the UK and Hong Kong, who were employed on or before 4 September 2006, are eligible to receive the free shares. All were offered the same value of shares, regardless of their seniority and length of service.

The shares must be held in a trust by the plan’s administrators for at least three years before staff will be given the opportunity to hold on to or to sell them.

Vicky West, benefits manager at Home Retail Group, said: “We wanted to offer everyone, regardless of their job or length of service, the opportunity to become a shareholder and share in the success of their own firm.”

The retail group is currently in the process of communicating a similar scheme to its employees in the Republic of Ireland.