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Shares scheme boost for B&Q staff

More than 1,400 staff at B&Q and Screwfix were celebrating today after reaping a £9.7 million profit from a shares-based incentive scheme.

The pre-Christmas windfall for store and head office staff at parent company Kingfisher equates to £6,897 per person, with some workers securing as much as £41,000.

Staff saved between £5 and £250 per month for either three or five years. At the end of the chosen term, they can choose to take their savings plus tax-free bonus as cash or invest the proceeds in Kingfisher shares.

Over the course of the five-year scheme, Kingfisher's adjusted pre-tax profit rose from £357 million to £715 million while its stock market value has risen from £2.6 billion to £8.9 billion.

Those who joined the 2008 five-year plan made an average gain of £16,829 and those in the 2010 three-year plan made an average gain of £2,199.

The majority of those receiving the windfall were B&Q staff, with almost 100 employees from sister company Screwfix also benefiting.

Group chief executive Ian Cheshire said: "At Kingfisher we believe that the colleagues who contribute to the long-term success of the company should also share in the rewards.

"Ours is a people business and it is the hard work of our staff that has delivered this performance, in difficult economic conditions.

"I am delighted that they are sharing in the benefits with this pre-Christmas windfall."

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From Belfast Telegraph