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Workers get their shares
14th September 1989, Page 23
14th September 1989
Page 23
Page 23, 14th September 1989
— Workers get their shares
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• Nlore than 580 staff of Aberdeen-based Grampian Transport have become shareholders following Inland Revenue clearance of the Employee Share Ownership Plan. Each employee with the company in January at the time of the buyout and still employed gets 400 shares, plus 45 for each year of service after two years with the company.
Management now owns 51% of the company, the workforce 33%, and financial institutions 16%. But the financial institutions will relinquish their holdings as agreed performance targets are met, allowing employee holdings to rise to 49%.
The 215-vehicle Grampian Transport has just acquired Kirkpatricks of Banchory, with a fleet of 11.