Wickes staff get bumper £14.1m windfall from share save scheme

Almost 1,000 workers at Wickes will receive a £14.1 million windfall from an employee share save scheme after seeing the stock more than double in value in the past three years.

The scheme, which was open to all staff at the firm, allowed employees to save between £10 and £500 a month and buy shares at a discounted price of £1.04.

With Wickes’ share price closing at £2.33 on December 1, those taking part have more than doubled their investment, as shares in the firm have jumped in value by 124% since the scheme started in November 2022.

The DIY chain said employees taking part in the scheme saved £199 on average a month each, totalling £7,164 in money invested, which has given them a shareholding worth £16,049.

The group said for those saving the maximum £500 a month, which worked out at £18,000 over the three years, they are set to see a potential £22,327 profit on their investment.

David Wood, chief executive of Wickes, said: “I am absolutely delighted that so many of our colleagues are seeing the rewards of their commitment and the company’s strong performance and will have more than doubled their investment.

“The business is performing well, and we have recently reported increases in sales, profits and number of stores.

“Ultimately, these results are only possible thanks to the hard work and dedication of our amazing colleagues, and it’s great to see so many of them benefiting through our Save As You Earn scheme.”

One worker, operations manager Det Moser, who saved the maximum of £500 a month, said he was “thrilled” and would use his payout to refurbish his home and take some holidays.

Mr Moser – who works at the group’s store in Plymouth, Devon – said: “It means I can utilise the gains to refurbish my home, and enjoy some holidays without digging into savings, and still retain a large amount of shares as a longer-term investment to see the value grow even further.”