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LSL staff share multi-million pound payout

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  • 10/05/2011
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LSL staff share multi-million pound payout
Hundreds of staff from LSL Property Services are to receive a multi-million pound payout, following the closure of the firm’s first 'save as you earn' scheme.

The scheme enabled LSL staff, many of whom were from its estate agency brands Your Move and Reeds Rains, and its surveying arm, e.surv, to save between £10 and £250 per month for the past three years.

In addition, LSL staff will have the option to use their savings to buy LSL shares at a discounted price of £1.15 as opposed to their current market value of £2.80.

Simon Embley, chief executive officer of LSL, said: “We are delighted to have been able to offer this opportunity to staff and enable them to celebrate the ongoing success of the group and their contribution to it.”

Alexy Armitage, of ifs ProShare, which promotes employee share ownership, said: “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.”

Last month, LSL Property Services awarded nine of its senior directors thousands of shares that could collectively be worth around £1.64m.

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