Home improvement retailer Wickes has announced that it will pay out £14.1 million of shares from its save as you earn, or sharesave, scheme.
The three-year share scheme that began in November 2022 was open to all Wickes employees. Almost 1,000 of them took part by saving between £10 and £500 per month, with £500 being the maximum permitted under government rules. Employees could use their savings to purchase Wickes shares at a discounted option price of £1.04.
The scheme matured on 1 December, with the share price having risen by 124%.
The average saving made by Wickes employees was £199 per month, equating to savings worth £7,164 over the three-year period. As the share price at maturity was £2.33, these shares are now worth £16,049.
Meanwhile, those saving the maximum £500 per month, equating to £18,000 over three years, will receive a £22,327 profit at the same share price.
David Wood, chief executive officer at Wickes, said: “I am absolutely delighted that so many of our employees are seeing the rewards of their commitment and the organisation’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 employees, and it’s great to see so many of them benefitting through our save as you earn scheme.”
Det Moser, operations manager at the Wickes Plymouth store and one of 163 employees saving the maximum of £500 per month, added: “The scheme is a brilliant opportunity for employees to invest in a successful business and reap the rewards. For myself, I am thrilled at the fantastic growth in the share price value.”
