Staff at fashion chain Jigsaw handed £493000 windfall under new share scheme as profits jump – This is Money

Staff at fashion chain Jigsaw have been handed a £493,000 windfall under a new share scheme as profits jumped.

The payout to employees is the primary under an worker share possession scheme launched by chief government Peter Ruis supposed to unfold the advantages of success.

Round 600 workers who've been with the corporate for greater than a 12 months have been handed at least one share final 12 months and obtained their payout on Christmas Eve, in line with accounts filed by the corporate this weekend. The vast majority of employees now maintain at least one share, every of which paid out a £400 tax free dividend.

Perfect fit: The fashion chain handed shares to staff in a new reward scheme

Good match: The fashion chain handed shares to employees in a new reward scheme

Ruis mentioned: ‘The entire idea is that you simply do 12 months and also you turn out to be an proprietor within the enterprise and your holding can enhance over time. The impact has been very optimistic. If we do properly, everybody is rewarded, not only one or two people.’

Ruis, a former government at the employees-owned retailer John Lewis was drafted in by Jigsaw founders John and Belle Robinson in 2013. His arrival was broadly regarded as a precursor to an eventual sale.

Complete dividends paid, together with a separate administration scheme and funds to the founders, have been £.6 million.

Group gross sales rose eight per cent to £95 million. Revenue at the UK division, which excludes distinctive objects regarding the acquisition of its Australian division, elevated 11 per cent to £6.2 million.

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