The E450m sale of the Irish Superquinn chain will mean a double bonus for its 4,500 staff, if shopworkers’ union Mandate has its way.
The union is in negotiations with founder Feargal Quinn and his family on a pay-out for staff from the proceeds of the sale, and hopes to have concluded a deal by Easter.
It is also seeking a 5% stake in the business from new owner Select Retail Holdings, a consortium of Irish investors from the retail, finance and property sectors.
There was no official comment from the owner, which is still conducting a due diligence examination of Superquinn. But a union spokesman, summing up their reaction to the share claim, said: “They are not jumping up and down with joy.”
John Douglas, general secretary of Mandate, which represents around 4,000 of the staff, insisted the union was “very serious” about the 5% stake. If Superquinn, which has 20 stores and 9% of the Irish market, was to grow, then enlisting the co-operation and expertise of staff was vital, he said.
“Some of the stores are under-performing and tough decisions may have to be taken. Giving the staff a stake in the company is the sensible way to approach these issues.”
Irish business will be closely watching the outcome. While unions in state-owned enterprises have been given shares in advance of privatisation, previous takeovers have resulted only in staff pay-outs. In 1997, when Quinnsworth chain was sold to Tesco, staff received E500 each.
In the case of Superquinn, the Quinn family has already acknowledged that staff should be paid “something”. Douglas said: “We have already agreed ground rules it will be paid on an ascending scale, with longest-serving staff gaining most.”
The union is in negotiations with founder Feargal Quinn and his family on a pay-out for staff from the proceeds of the sale, and hopes to have concluded a deal by Easter.
It is also seeking a 5% stake in the business from new owner Select Retail Holdings, a consortium of Irish investors from the retail, finance and property sectors.
There was no official comment from the owner, which is still conducting a due diligence examination of Superquinn. But a union spokesman, summing up their reaction to the share claim, said: “They are not jumping up and down with joy.”
John Douglas, general secretary of Mandate, which represents around 4,000 of the staff, insisted the union was “very serious” about the 5% stake. If Superquinn, which has 20 stores and 9% of the Irish market, was to grow, then enlisting the co-operation and expertise of staff was vital, he said.
“Some of the stores are under-performing and tough decisions may have to be taken. Giving the staff a stake in the company is the sensible way to approach these issues.”
Irish business will be closely watching the outcome. While unions in state-owned enterprises have been given shares in advance of privatisation, previous takeovers have resulted only in staff pay-outs. In 1997, when Quinnsworth chain was sold to Tesco, staff received E500 each.
In the case of Superquinn, the Quinn family has already acknowledged that staff should be paid “something”. Douglas said: “We have already agreed ground rules it will be paid on an ascending scale, with longest-serving staff gaining most.”
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