FINANCIAL PARTICIPATION
Whitbread employees enjoy £2.6m shares windfall
Employees at pubs and hotel group Whitbread are celebrating the company’ s success, thanks to the annual sharesave scheme, which matures this week.
Employees who participated in the scheme stand to potentially double their investment with the three-year scheme returning twice the original discounted offer price. With shares currently trading at £8.86 (as at 3 February 2005), nearly 1,500 employees, who work for brands including Premier Travel Inn, David Lloyd Leisure, Costa and Brewers Fayre, collectively stand to make around £2.6 million in profit should they choose to exercise their options at the current share price.
Whitbread’ s group human resources director, Angie Risley, said: "We are really pleased that so many employees took advantage of the sharesave scheme. It’ s a great and safe way to save and we hope even more people take advantage of it in the future."
£4.31 grant price
The scheme allows employees to save up to £250 per month and retain the right to buy shares at the discounted offer price. For the three-year scheme, the grant price was £4.31 and with the share price currently trading at £8.86, employees stand to double the value of their investment.
In addition, those employees who choose to join the scheme and save every month, receive a saving bonus which can also be used to convert to shares. Under the scheme, they can now choose to either exercise their options and then sell the shares exercise their options and keep the shares, or simply get their money back.
Want to know more?
To find out more about save-as-you-earn schemes visit the Inland Revenue web site at www.inlandrevenue.gov.uk/shareschemes/saye_employers.htm
For more information on Whitbread visit www.whitbread.co.uk
Posted 4 February 2005