Motor dealer Peter Vardy is celebrating its tenth anniversary with plans to transfer more than £5 million to its 800 staff as part of a partnership share scheme.
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.
Since it was established in June 2006, Peter Vardy Group has grown from one dealership in Perth to 12 throughout Scotland. It operates six Vauxhall volume dealerships in Aberdeen, Perth, Kirkcaldy, Edinburgh, Motherwell and Dalgety Bay.
In addition, the firm runs five “prestige” dealerships selling Jaguar, Land Rover, Porsche, BMW and Mini vehicles as well as a large indoor used car showroom, CarStore, at Hillington, Glasgow. Another CarStore is set to open in Dundee.
Peter Vardy, chief executive, said: “It is a rarity in a privately-owned family business to give away such a significant amount of equity in the company, 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 ten years and this exciting new partnership share Scheme locks in that vision.”