B&Q staff in bonus bonanza

Jun 20 2003 by Brian Amble Print This Article

All 35,000 employees of the DIY chain B&Q are to share a £28 million bonus bonanza that will see each of them receive a payment worth 9 per cent of their salary by the end of the month.

B&Q - owned by retail group Kingfisher - has seen strong growth over the past year. In March, Kingfisher reported a 17% rise in annual pre-tax profits thanks in large part to the performance of its DIY division.

Customer advisors will get an extra £870, trade experts £1,350 and store managers £3,000.

Each payout reflects a salary average of 7.5 per cent accumulated during the first half of last year together with 10.5 per cent accumulated in the second half.

Six per cent of B&Q's profit share payment is guaranteed to all new staff after they have completed a 13-week induction.

Last month, Kingfisher responded to demands from its shareholders to change its policy on the length of senior directorsí contracts and make changes to the chief executive's share option scheme.

All new Kingfisher executives, including Chief Executive Gerry Murphy, are on one-year contracts and three other incumbent directors had agreed to change their contract terms to follow suit.