Approximately 900 staff at Admiral, the majority of who are call centre workers, will gain a windfall of up to £50,000 each if the company’s planned £600m flotation goes ahead, claimed reports.
They said approximately 900 members of staff and management own shares in the car insurer. The majority of them work in the company’s Swansea and Cardiff centres.
They can expect bonuses of between £40,000 and £50,000 in the form of shares which they will be able to sell following the flotation.
The group’s remaining 600 employees will miss out on the windfall because they have worked at the company for less than three years, said the reports.
Admiral chief executive Henry Engelhardt is said to stand to gain £84m if the flotation goes ahead, believed to represent a 14% stake in the company.
Engelhardt was behind the £110m management buyout in 1999, backed by Barclays Private Equity. Barclays Bank owns the remaining 50% of the group, along with Munich Re, said reports.
