Find it

Share this page

Press release:
Over 2,000 Kingfisher employees to share estimated £7.4million pre Christmas windfall

1 December 2011

 

Over 2,000 employees of B&Q and Screwfix owner Kingfisher plc are celebrating today following the maturity of two strongly performing ShareSave schemes. The schemes will pay out a total of £13.8 million, representing an estimated total gain of £7.4 million. This equates to an average gain of £3,516 per person (as at 30 November 2011 share price of 255.6p).

The majority of those receiving the windfall are B&Q store-based colleagues (1,890 of the 2,121), with almost 100 employees from sister company Screwfix also benefiting.

Euan Sutherland, CEO of Kingfisher UK & Ireland, said: “At Kingfisher we believe that the colleagues who contribute to the success of the company should share in the rewards and it’s great news for our colleagues at B&Q and Screwfix that they can share in this pre-Christmas windfall.”

Ian Cheshire, Kingfisher’s Group Chief Executive, said: “The business has made good progress in the past three years during what has been a difficult time for the economy and for consumers. Retailing is a people business and it is the hard work of our staff that has delivered this performance. I am delighted that they are sharing in the benefits.”

Kingfisher launched its ‘Delivering Value’ strategy in 2008 with the aim of improving returns to shareholders. Since then, annual profits have risen from £357 million to £670 million, net debt has fallen by around £1.6 billion and the share price has performed strongly. The performance of the Save as You Earn Schemes is a reflection of this progress.


Case studies:

22 year old Danielle Macey works in B&Q’s Nursling store in Southampton as a part time checkout assistant. She has been saving the maximum £250 per month in the three year scheme. She will receive a payout of £22,511 (based on 30 November share price) - that's a gain of £12,911 which she’s planning on putting towards a deposit on her first flat.

61 year old Nirmala Dodhia works in B&Q’s Potters Bar store as a customer adviser on décor and has been saving £150 per month in the five year plan. She is set to receive a total payout of £12,767; a gain of £2,944. She’s saving towards a trip of a lifetime to India once she retires.

ENDS



For further information and case studies please contact Zaria Pinchbeck at ZPR on 0207 896 3404 or email bandq@z-pr.com

 
Editor’s notes:

The ShaveSave scheme works by setting a fixed option price (a 20% discount to the market rate at the time the price is set), at which staff can buy shares. Colleagues can choose to save as little as £5 per month up to as much as £250 per month for either three or five years. At the end of the chosen term, colleagues can choose to take their savings plus tax-free bonus as cash, or invest the proceeds in Kingfisher shares at the fixed option price.

Those who joined the three year scheme, which started in 2008, saved an average of £78 per month and will gain an average of £4,094 after the Kingfisher share price rose from the 109p option price to 255.6p. Those who joined the 2006 plan (option price: 196p) made an average gain of £853.


ShareSave scheme details:

Total participants in the 2011 maturity 2,121
Total Shares 5.4 million
Total Option Costs £6.4 million
Total Market Value of Shares £13.8 million
Total gain at today’s share price £7.4 million
(Based on share price of 255.6p as at 30 November 2011)

 

 

Keep up to date

On the move

Live share price and news on our mobile site or Investor Relations iPad app

Email alerts

Sign up to our email alert service and get the latest updates delivered to your inbox