AA and Saga staff to be granted shares in parent company

Saga and AA staff will all be given shares in the parent company of the combined businesses following their merger.

All 11,000 employees will be awarded equity in parent company Acromas Holdings, created from the merger of Saga, an insurance and holiday company for those aged over 50, and motoring organisation the AA. Employees will own up to 4% of the group.

A cash bonus of £1,000 will also be awarded to each full-time AA employee.

A Saga spokesman said: “Giving staff an opportunity to own part of the company is a fantastic opportunity for them to be part of the future growth. We’re conscious that all the staff at the AA and Saga have put an amazing amount of hard work into creating the brands and building the brands to what they are today, and what we hope they will be in the future, so it’s wonderful that they are going to be part of that growth story by owning part of the company.”

The merger of Saga, owned by buy-out firm Charterhouse, and the AA, which was jointly backed by private equity investors Permira and CVC, was completed last week. The three investment firms own the bulk of the shares, while the management own a significant amount with the rest of the equity owned by employees.