The founders of retail chain Superdry are setting up a share scheme that will allow them to share their wealth with 4,500 employees.
The British firm, which is part of SuperGroup, was founded by Julian Dunkerton and James Holder in 2003. Now the pair, who own 27 per cent and 11 per cent of the retailer's shares respectively, are transferring money to employees as part of a plan to retain and reward them for the group's success.
Dunkerton and Holder have set up a fund, into which they will transfer 20 per cent of any gain they make from SuperGroup's share price rising above £18. The fund's proceeds will then be shared with employees.
Currently, SuperGroup's shares are trading around £15.60.
Every £5 increase above the £18 threshold will mean the founders putting in £30m into the employee fund.
The scheme will run from 1 October this year to 30 September 2020. At the end of the three-year period, a £5 bump in the share price over the threshold will mean:
- A reward of £2,000 for full-time store workers and junior employees at head office;
- A £28,000 payout for store managers;
- Up to £75,000 for senior leaders; and
- Payouts of a minimum of £300,000 for executive team members.
Euan Sutherland, chief executive of SuperGroup, and Nick Wharton, the retailer's finance boss, will not be taking any money from the fund; they already benefit from incentive schemes.
Sutherland said: "SuperGroup's strategy is delivering for customers, colleagues and investors, driven by the hard work of our people that drives the relentless innovation across our business.
"We have achieved significant growth in sales and profits across all channels and geographies, while operationally transforming the business as a global team."