Pensord People’s efforts bear fruit


Stakeholder Scheme reaps rewards


The news of Pensord’s management buyout has been well received and has prompted a favourable response from customers, staff and business partners alike. For many of Pensord’s 142 staff the news also gives cause for celebration as they have benefited financially as a result of a Stakeholder Scheme introduced six years ago, giving them a direct share in the increase in value of the £12m turnover company.


Outgoing chief executive Tony Jones gave away a share of the business to staff in the form of free share options a short time after he led his own management buyout of the under-invested business in 2003. This was an industry leading scheme which reached fruition on Jones’ departure, and has brought rewards for longer serving staff operating in all areas of the business.


Tony Jones said: “The Stakeholder Scheme was an unusual move when I set it up with finance director Graham Lambert, but I was determined that Pensord People who were working for us at the time should have a vested


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interest in Pensord’s future and share in the upside when we managed to turn the company around. Thanks to their hard work, loyalty and commitment, the team are now reaping the benefits, and that’s a gratifying thought as I leave the company.”


Jones made the commitment to introduce the scheme when he took the reins in 2003. The tax efficient Inland Revenue approved Enterprise Management Incentive (EMI) scheme gave employees the option to acquire shares effectively free of charge on the happening of certain events and then to realise the value of those shares at a point in the future. In February 2004


shares were effectively gifted to staff. Those staff members are now looking forward to a handsome return of around £2,500 for an outlay of just £8.


Managing Director Darren Coxon said: “Pensord was a very different business in 2003/04, facing difficult times. It’s great to see those who stuck with us then receive additional reward for their efforts. Even those who joined after the issue of shares in 2004 have been excited for those who have benefited; it’s another fine example of a business that cares passionately about its people.”


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