Home Retail Group news

Home Retail launches its first Sharesave Plan

31 May 2007

Home Retail Group plc is launching its first Sharesave Plan since its demerger from GUS last year.

The scheme, which will be administered by Yorkshire Building Society, is available to all employees within the group who have six months service at the invitation date, totalling just over 45,000.

Under the terms of the scheme, employees will be able to buy Home Retail Group shares at a 20% discount using a special tax-free savings account. Once the option price has been set, invitations will open on 7 June 2007 and close on 25 June 2007, with first savings being made at the end of August. Employees are able to save between £5 and £250 per month for three or five years. At the end of the savings period, members have the option of using all their savings and bonus to buy the Home Retail Group shares at a discount or taking all their savings and bonus in cash.

“With employees having the choice of saving for three or five years and earning a guaranteed tax-free bonus, it really is an excellent scheme to offer all our eligible employees,” explained David Guise, Home Retail Group HR director. “It’s the first Sharesave Plan for Home Retail Group and we hope that all our employees will be able to share in the success of the business when the scheme matures in three and five years time.”

The launch of this Sharesave Plan follows the award of free shares under a Revenue approved Share Incentive Plan (SIP) which was offered to all eligible employees to celebrate the launch of the new company in October last year.