LSL staff share payout
PROPERTY STAFF SHARE MULTI MILLION POUND PAYOUT
Hundreds of staff from LSL Property Services plc (LSL) – parent company of high street brands Your Move and Reeds Rains estate agents and private survey providers e.surv, are to share a multi million pound payout following the closure of LSL’s first ever save as you earn scheme.
The scheme has enabled LSL Staff to save between £10 and £250 per month for the past three year and then use these savings to buy LSL shares at a discounted price of £1.15 – set at the start of the scheme - as opposed to their current market value of £2.67(*). It means those who invested the maximum £250 per month, £9,000 in total, will now walk away with more than £20,000, with all scheme members seeing their savings into the scheme more than double in value. Not only is the news seen to be good for scheme members – many of which operate at local branch level - but also a reflection of LSL’s continued success in the property market and increased share value.
LSL continues to be one of the leading providers of residential property services in the UK today boasting strong market positions in all areas of its business including estate agency, financial services and surveying as well as benefiting from established counter cyclical income streams. Only recently it reported an increase of 13% in underlying operating profit and has made excellent progress in a market where housing transactions levels are around 50% of historic normal levels.
Simon Embley, CEO of LSL, commented:
"It’s no doubt been a tough few years for everyone and to bring such good news to our staff, amid a period of global economic uncertainty, is obviously welcomed. We’ve already opened a new scheme for staff to take part in and very much hope that in a few years time we’ll be able to report a similar good news story."
"It’s great to hear that yet more people have benefited from a save as you earn scheme and that a company, such as LSL, has had the foresight to offer this opportunity to its staff – something we know can add significantly to an employees overall benefits package. Many people are now looking for low-risk, tax-efficient savings and benefits, particularly in the current climate, and a good save as you earn scheme can certainly offer these."
(*) Price at time of going to press.