Conviviality Retail franchisees have received the first tranche of shares as part of the group’s franchisee incentive plan (FIP).
The scheme was created in 2013 so that franchisees could benefit in the group’s success and to incentivise them to meet high store standards criteria and hit profit targets each year.
Almost one million shares have been awarded to 224 franchisees, with one top-performing single store franchisee set to receive 3,500 shares, while multi-site franchisees will receive considerably more. In April 2016 Conviviality Retail had 364 multi-site franchisees, up 42% on the previous year.
The next tranche will vest in September 2017 for those franchisees who met the criteria for the financial year ended April 2015.
Simon Wallace, single-site Conviviality Retail franchisee in the West Midlands said: “The FIP rewards franchisees for high retail standards, support of the brand and loyalty in the best possible way – with shares in the company it works day to day with. I have been a franchisee for 16 years and this plan gives me a real sense of belonging to a group that is really going places.”
Phil Dickson, multi-site franchisee in Liverpool said: “The incentive plan gave me the confidence to re-invest and grow my business. With the income boost that it has offered us, we have grown our stores from four to 12 over the past four years.”
David Robinson, managing director of Conviviality Retail said: “We are proud to be the UK’s largest and best value, local off-licence and convenience chain. We are committed to creating an environment where our dedicated franchisees can grow and prosper together. We believe in rewarding the long-term loyalty and dedication of our franchisees and that, by working together in partnership, we will all succeed and share the rewards of success.”
Conviviality Retail brands include Bargain Booze, Select Convenience and Wine Rack.