Almost 1,000 employees at Wickes are set to receive a collective £14.1 million windfall from an employee share save scheme, after the company’s stock more than doubled in value over the past three years.
The initiative, which was made available to all staff, allowed participants to save between £10 and £500 each month, purchasing shares at a discounted rate of £1.04.
With Wickes’ share price closing at £2.33 on December 1, those involved have seen their initial investment more than double.
The DIY chain’s shares have surged by an impressive 124 per cent since the scheme began in November 2022.
On average, employees participating saved £199 per month, investing a total of £7,164, which has now resulted in a shareholding worth £16,049.
For individuals who saved the maximum £500 monthly, accumulating £18,000 over the three years, they are poised to see a potential profit of £22,327 on their investment.
David Wood, chief executive of Wickes, said: “I am absolutely delighted that so many of our colleagues are seeing the rewards of their commitment and the company’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 colleagues, and it’s great to see so many of them benefiting through our Save As You Earn scheme.”
One worker, operations manager Det Moser, who saved the maximum of £500 a month, said he was “thrilled” and would use his payout to refurbish his home and take some holidays.
Mr Moser – who works at the group’s store in Plymouth, Devon – said: “It means I can utilise the gains to refurbish my home, and enjoy some holidays without digging into savings, and still retain a large amount of shares as a longer-term investment to see the value grow even further.”
