employee at Saga, the holiday and insurance group for the over-50s, is to
receive £1,000 for every year they have worked at the company, after it was
sold in a management buyout for £1.35bn.
average payout for staff is estimated at about £5,000. But 37 of the
3,200-strong workforce have been at the company for more than 20 years. Staff
will also be given shares in the company under an employee share scheme.
deal will see 55-year-old Roger De Haan,
the son of the man who founded Saga in 1948, step down as chairman
and sell his 100 per cent stake in the business to a management buyout team
funded by Charterhouse, the private equity specialists.
saw off fierce competition from a number of rival private equity houses and was
selected because of its empathy with the Saga business.
comes soon after news of a bumper pay-out for staff at car insurer Admiral. The
move, which followed the flotation last month, landed workers at call centres
in Cardiff and Swansea
average share windfalls of £39,000. Even the most junior workers were due to
receive at least £10,000.