Home Retail Group news

Home Retail Group launches year two of Sharesave scheme

09 June 2008

Following the popularity of the 2007 scheme, Home Retail Group plc is launching its Sharesave scheme for the second year running.

The scheme offers eligible employees a simple and easy way to make tax efficient savings directly from their net pay, plus the opportunity at the end of the savings period to buy Home Retail Group shares at a discounted price.

The scheme, which is again being 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 44,000 eligible members of staff.

Under the terms of the scheme, employees have the opportunity to buy Home Retail Group shares at a 20% discount, using a special tax-free savings account. Invitations were issued on 5 June 2008 and will close on 23 June 2008, with the first savings being made at the end of August. Employees are able to save between £5 and £250 per month for a period of 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.

“This is the second year we have operated the Sharesave scheme. All eligible employees have the choice of saving for three or five years and earning a guaranteed tax-free bonus, so we were delighted that we had such a good take-up last year – over 21% of all eligible employees,” explained David Guise, Home Retail Group HR director. “We’ve already had a lot of interest this year so we hope that as many of our employees as possible will take advantage of this year’s scheme and will be able to share in the success of the business when the scheme matures in three and five years time.”