Admiral flotation to net staff massive windfalls

Around
1,500 staff at insurance firm Admiral are
to receive windfalls averaging £37,000 when the company floats on the Stock
Exchange later this month.

Employees
at Admiral’s Cardiff
and Swansea
call centres will receive payouts depending on their role and length of
service, with even the most junior staff receiving at least £10,000.

Admiral,
which was founded in 1993,
announced its flotation plans in April, after rapid growth at its online
business Elephant.co.uk and Diamond, its women-only insurance service.

Chairman
Alastair Lyons said
flotation was the key to the group’s development.

"It
will enable us to provide a public market for Admiral shares, increasing the profile of the group and
enabling employees to see the direct benefit of their hard work," he said.

By Daniel Thomas 

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