Share windfall for Admiral staff

Around 1,500 workers at insurer Admiral are reportedly due to receive average windfalls of £37,000 when the group floats on the London stock market.

The motor insurance specialist employs most of its staff at call centres in Cardiff and Swansea and employees jointly own a 47 per cent stake in the company, with quantities varying depending on their role and length of service.

Admiral announced this week that it was launching shares later this month at an indicative price of 245p to 300p, valuing the company at between £634 million and £776 million. The stock offering comes five years after a management buyout of the group backed by Barclays Private Equity.

A spokesman for the insurer revealed that, although executive directors and senior managers will receive the biggest payouts, even the most junior staff will receive at least £10,000.

Cardiff-based Admiral announced in April that it was seeking a stock market listing following the rapid growth of its online business elephant.co.uk and Diamond car insurance products.

Chairman Alastair Lyons said: "Flotation is a key stage in the group's development, enabling us to provide a public market for Admiral shares, increasing the profile of the group and enabling employees to see the direct benefit of their hard work."

The insurer posted a 30.2 per cent increase in turnover to £269.3 million in the six months to June 30th, with profits up 30.5 per cent to £45.3 million.
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