Entain unveils group-wide employee share ownership scheme
Entain Plc has revealed a group-wide employee share ownership scheme which it will be handing out to colleagues in the UK and internationally, which will provide them with the chance to “share in the success and growth of its global business”.
More than 22,000 employees all around the world, on various levels of the business, are able to apply to Entain’s ShareSave plan. In the United Kingdom, the company has 2,885 Ladbrokes and Coral shops across the country and Ireland, where about 14,000 employees are eligible to apply.
Monthly contributions begin at £5, and the company is now hoping that share ownership will be available to everyone, including those who are working in its international operations. The firm also placed a £100 monthly cap on such contributions, as it states that this mirrors the global nature of the business and takes into account the differing currencies across its employee base.
Entain chief executive, Jette Nygaard-Andersen, stated:
“Entain has been one of the highest performing companies in the FTSE-100 over the past year, which is the result of hard work and efforts from teams across our international business. Building a strong customer-centric culture where everyone contributes and shares in our continuing success is really important, so this plan is designed to be attractive and accessible to all.”
The terms of ShareSave plan state that all colleagues are able to save £5 to £100 per month for more than three years. At the end, they will be allowed to purchase shares in the company for 20% less than what they are valued in the market, which they can later sell for a profit. They are also able to keep the stock if they wish to do so, or even take their money back.
This new method will be set into motion starting from this year, as it has been approved by the company’s shareholders during its last annual meeting.