Entain has launched its ShareSave shared ownership plan, enabling over 22,500 to participate and acquire shares in the company as it expands globally.
The group operates over 2,885 Ladbrokes and Coral high street bookmakers across the UK and Ireland, and over 14,000 people employed at these venues can apply to join the shared ownership scheme.
Employees can join by making monthly contributions of £5 or more, although a £100 monthly cap on contributions has been implemented in order to ‘reflect the truly global nature’ of Entain’s business as well as in recognition of currency differences across the workforce. This cap also carries out the role of ‘maximising the appeal to all colleagues’.
The firm hopes to ‘put share ownership within reach of everyone,’ including people in the different international markets it operates in outside of its UK base.
“Entain has been one of the highest performing companies in the FTSE-100 over the past year, which is the result of hard work and efforts from teams across our international business,” said Jette Nygaard-Andersen, Chief Executive of Entain.
“Building a strong customer-centric culture where everyone contributes and shares in our continuing success is really important, so this plan is designed to be attractive and accessible to all.”
Entain has further stated that the ShareSave initiative will be offered to around 99% of its workforce, including employees in the Philippines, India and Bulgaria.
Previous shared ownership plans introduced in national markets and by companies that have become integrated into Entain via acquisitions, such as the recent takeovers of Enlabs AB in the Baltic region and Bet.pt in Portugal.
Additionally, Entertain has stated that it ‘intends to increase those eligible to join the plan in the future years as it continues to grow through acquisition’.
The operator has confirmed that the plan will be implemented later this year, following approval by shareholders at the last annual meeting.
Entain’s announcement of a shared ownership scheme follows the release of the firm’s Q1 trading report. Remaining confident in its 2021 objectives despite suffering a 13% decline in group net revenues, the firm has placed a heavy emphasis on acquisitions and an expansion of US operations.