Peter Vardy Group is celebrating its tenth anniversary by transferring over £5m worth of ownership to its 800-strong staff.
The Glasgow-based group, rated 30 in the Motor Trader Top 200 on a turnover of £437m, launched the Partnership Share Scheme yesterday by offering all members of staff share options in the company.
To benefit financially from the scheme staff must remain with the company for a minimum of three years. When they exercise their share options each colleague will receive a loyalty bonus as well any uplift in the value of the share options over that period.
The group was launched in 2006 by Peter Vardy, the son of Sir Peter Vardy and grandson of Reg Vardy the founder of the eponymous dealer group.
Since it was established in June 2006 the Peter Vardy Group has grown from a single site in Perth to 12 across Scotland.
“It is a rarity in a privately-owned family business to give away such a significant amount of equity in the company, but when I set up the business in 2006 I had a vision to create the world’s best motor retail operation as measured by our colleagues, guests and communities in which we serve,” said Vardy.
“We recognise that people want more than just a salary when they come to work. So we are creating a new type of company, for a new generation, with flexible working patterns in a modern environment where colleagues, now partners in the business, can flourish to everyone’s benefit. That has been my focus for the last 10 years and this exciting new Partnership Share Scheme locks-in that vision.
“We truly believe that with happy, motivated and engaged partners it will lead naturally to customer, or as we say, guest, satisfaction and will ensure our continued success as a business. Being part of the Peter Vardy Partnership will allow partners to truly shape the future of this company for the benefit of everyone.”
Peter Vardy Group represents Vauxhall Jaguar, Land Rover, Porsche, BMW and Mini. It also operates a CarStore used car supermarket in Hillington, Glasgow and plans to open a second site in Dundee.