Conviviality retailers have been awarded one million shares in the business as part of its incentive plan for franchisees.
More than 224 Bargain Booze, Select Convenience and Wine Rack retailers received their first tranche of shares on Friday, based on their size and individual performance in the 2013-14 financial year.
A top-performing retailer with one store will have received 3,500 shares and multi-site retailers will have received “considerably more”, according to Conviviality. The alcohol business had 364 multi-site retailers in April 2016, representing a 42% increase on the previous year.
The Franchisee Incentive Plan was set up in July 2013 as part of a larger competitive rewards package to spur on franchisees to meet high store standards criteria and hit annual profit targets.
The three-year plan will award retailers for their financial performance for the years ending April 2014, 2015 and 2016 and the shares will vest two years later in September. Retailers who met their financial target in 2014-15 will receive the next tranche of shares in September 2017.
“The Franchisee Incentive Plan 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,” said Conviviality franchisee Simon Wallace.
“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.”