Windfalls for Woolies workers

By THIS IS MONEY
Updated:

 

MORE than 2,000 staff at High Street stores firm Woolworths are in line for an average £850 windfall this Christmas as they get to cash in shares saved since the float in August 2001.

The retailer is issuing 17.6m new shares to satisfy staff and executive payouts. Employees have been allowed to save up to £50 a month in the gifts and sweets chain which was demerged from its parent Kingfisher.

They can use this cash to buy Woolworths shares at 30½p each, making a tidy profit on the current 43¾p share price.

Chief executive Trevor Bish- Jones, who joined in March 2002, is not so lucky. Most of his share options are priced at 50p.

In the summer the group saw sales growth of nearly 10% at a new generation of stores it hopes will front its recovery.

Some 30 stores had been refitted with the 10/10 format, which groups toys, clothing and party products in areas such as Girls Girls Girls, complete with jazzy flooring and new lighting.

The group is taking on 7,000 extra temporary staff for the Christmas trading period. Other major retailers are also recruiting. Marks & Spencer will hire 15,000 temps, Argos 22,000, Tesco 12,000, Sainsbury's 10,000, WH Smith 6,000 and Boots 5,000.

Most watched Money videos