Marks and Spencer staff in retailer’s Sharesave scheme to benefit from £56m bonus

Marks and Spencer staff are set to cash in on a £56m bonus bonanza after a dramatic rise in the retailer’s profits.

Nearly 12,000 employees, mostly shopfloor workers, will receive between £1,000 and £45,000 after Marks and Spencer raised its share price from 282p three years ago to 734p in 2007.

Staff who managed to save the maximum amount of £250 per month in the company’s three-year scheme will receive more than £20,000 each.

Stuart Rose, chief executive of Marks and Spencer, said: “We’re delighted that so many of our people have benefited from Sharesave and that their faith in M&S has been rewarded.”

More than 22,000 employees are members of the Sharesave scheme and can buy shares at a 20% discount rate.

Marks and Spencer is spending £550m refurbishing its stores.