Vardy staff set for £5m boost 03 | 06 | 2016
SCOTLAND’S MOST INNOVATIVE car dealership group, Peter Vardy, is planning to transfer more than £5 million to its 800 staff as part of a partnership share scheme. The initiative marks the company’s 10th anniversary.
Each worker will be given share options in the company to allow them to “share in its future success”, the firm said. All 800 will be given the opportunity to join the scheme.
To benefit financially they must remain with the business for a minimum of three years. When they exercise their share options each colleague will receive a loyalty bonus as well any uplift in the value of the share options over that period.
Peter Vardy’s growth and success rate has been impressive since it launched with one Vauxhall dealership in Perth in 2006.
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Not only does it now operate six Vauxhall dealerships — in Aberdeen, Perth, Kirkcaldy, Edinburgh, Motherwell and Dalgety Bay — but it operates five “prestige” dealerships representing Jaguar, Land Rover, Porsche, BMW and Mini.
In addition, it has a large indoor used car showroom, CarStore, at Braehead in Glasgow, with another CarStore poised to open in Dundee.
“It is a rarity in a privately-owned family business to give away such a significant amount of equity in the company,” Peter Vardy (picured), chief executive, said, “but when I set up the business in 2006 I had a vision to create the world’s best motor retail operation as measured by our colleagues, guests and communities in which we serve.
“We recognise that people want more than just a salary when they come to work. So we are creating a new type of company, for a new generation, with flexible working patterns in a modern environment where colleagues, now partners in the business, can flourish to everyone’s benefit. "
"That has been my focus for the last 10 years and this exciting new partnership share Scheme locks in that vision.”
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Jim McGill