Punch extends Sip to former Spirit Group staff

Punch Taverns is to extend its share incentive plan (Sip) to Spirit Group employees following its acquisition of the group last year.

From October, former Spirit Group staff will be able to purchase shares in the same way that Punch Tavern employees have been able to, on a buy-one-get-one free basis either monthly or yearly. The free shares are only allocated once the three-year period for buying shares has expired. Anthony York, head of reward at Punch Taverns, said: “The Spirit Group side of the company that we bought 18 months ago hasn’t been able to access the Sip since the purchase but now we are launching it across the group.”

However, take-up from the Spirit Group side of the organisation is not expected to be high due to the amount of part-time staff.

“Take up is difficult to predict because the vast majority of the Spirit Group employee base are paid by the hour, and a Sip is clearly not meant for a transient workforce, but it is available to all staff,” said York.