Home Retail Group has launched a sharesave scheme for 45,000 eligible staff.
The home and general merchandise retailer which incorporates retail brands, Argos and Homebase, and which de-merged from GUS last year, will make the plan available to all employees within the group with more than six months’ service at the invitation date.
Staff will be able to buy Home Retail Group shares at a 20% discount using a tax-free savings account. Once the option price has been set, the invitation period will open on 7 June 2007 and close on 25 June 2007 and the first savings will be made at the end of August.
Employees can save between £5 and £250 each month for three or five years. At the end of the savings period, members will have the option of using all their savings and bonus to buy the Home Retail Group shares at a discount or taking all their savings and bonus in cash.
David Guise, HR director, said: “With employees having the choice of saving for three or five years and earning a guaranteed tax-free bonus, it really is an excellent scheme to offer all our eligible employees. It’s the first sharesave plan for Home Retail Group and we hope that all our employees will be able to share in the success of the business when the scheme matures in three and five years time.”
The scheme will be administered by Yorkshire Building Society.