More than 11,000 Sainsbury’s staff are set to share a £23m windfall through the retailer’s Sharesave scheme.

With a share price of £3.42 when the three-year and five-year schemes matured, Sainsbury’s staff saw an average 21% increase on their original savings.

“For over 30 years we have given colleagues right across our business the opportunity to share in our success through Sharesave,” said Sainsbury’s CEO Justin King.

“We have aleady committed to increase the number of colleagues with shares in our business by 25% by 2020 as part of our 20 by 20 Sustainability Plan.”