Superdry founders to fund staff bonus scheme
Superdry founders Julian Dunkerton and James Holder have announced they will fund a staff bonus scheme that could result in £30m being shared between 4,500 employees around the world.
The pair have pledged that they will distribute among staff a fifth of any share price gain the brand's parent SuperGroup makes above £18, The Times reports.
Should the target be hit by 20 September 2020 the cash or share awards will be made to all full-time and part-time permanent staff, who have been with the business for at least 18 months. Each £5 achieved over the threshold would result in £30m being shared among staff.
Dunkerton and Holder own nearly 27% and 10.55% of SuperGroup’s shares respectively and they will fund the scheme, which will pay out in two vesting periods in 2021 and 2022.
SuperGroup held its AGM yesterday and shares closed at £15.65. Analysts praised the scheme but noted that the group had yet to achieve a share price in excess of £18 since floating for £5 a share in 2010. The highest its shares have hit is £17.50 in 2011.