The retailer, which operates the brands Argos and Homebase, is giving employees the opportunity to buy Home Retail Group shares at a 20% discount, using a special tax-free savings account.
Invitations were issued on 5 June 2008 and will close on 23 June 2008, with the first savings being made at the end of August. Employees are able to save between £5 and £250 per month for a period of three or five years. At the end of the savings period, members have the option of using all their savings and bonus to buy the Home Retail Group shares at a discount or take all their savings and bonus in cash.
Home Retail Group launched its first sharesave scheme in 2007. David Guise, Home Retail Group HR director, said: “This is the second year we have operated the sharesave scheme. We were delighted that we had such a good take-up last year – over 21% of all eligible employees.
“We’ve already had a lot of interest this year so we hope that as many of our employees as possible will take advantage of this year’s scheme and will be able to share in the success of the business when the scheme matures in three and five years time.”
The scheme, which is administered by Yorkshire Building Society, is available to all employees within the group who have six months service at the invitation date, totalling just over 44,000 eligible members of staff.