THOUSANDS of workers at footwear retailer Schuh are to share a £25 million windfall after a successful year for the Livingston-headquartered company.
US-based Genesco acquired the firm in 2011 in a £125m deal and agreed to put in place a bonus scheme. The amount of cash payable to staff was dependent upon the business hitting certain performance targets over the past four years, giving rise to the total bonus amount announced today.
Schuh generated annual pre-tax profits of £11.5m and opened 12 additional stores during the year, with overall sales up by 7.6 per cent to £247.5m.
Chief executive Colin Temple said: “Despite real challenges for all high street retailers, Schuh is going from strength to strength.
“We have gained significant market share in recent years with the introduction of our new concept Schuh Kids, we’ve opened more stores and we’ve recruited many more people.
“The success of our business is based on the hard work and dedication of our people and there is no better way to thank them than to let them know we’re sharing £25m throughout the business.”
In 2011, when the previous bonus payments were made, Schuh had 2,827 employees. About 750 of these workers will receive a further bonus.
The firm now has 3,979 employees across the UK with its headquarters and main distribution warehouse in Livingston, West Lothian.
Typically, a full-time sales adviser on an annual salary of £14,000 and with five years’ service at the firm will get a bonus of about £3,000. A full-time store manager with a £34,000 salary and some ten years’ service will pocket around £14,000.