Sports Direct staff yesterday cashed in on a £112m bonus as part of the company’s investment scheme.
The sportswear business’ Employee Benefit Trust disposed of 17m shares priced 660p after staff decided to bank their bonuses at the first opportunity.
The shares are part of a bonus scheme, which is provided to full-time staff and was first introduced in 2009.
Last month it was announced that 2,000 staff would be rewarded with up to £75,000-worth of shares in the company. The scheme means that employees earning a £20,000 salary could receive a payout worth £79,000, assuming they received 12,000 shares.
But Sports Direct faces continuing criticism after news last week broke that the company employs 90% of its staff, equivalent to 20,000 people, on zero hour contracts.
In July Sports Direct revealed a “record breaking year” as profits soared 40%, fuelled by a strong year for British sport.
Group revenue in the year to April 28 rose 20.9% to £2.18bn as underlying EBITDA for the group rose 22.1% to £287.9m and pre-tax profit soared 40% to £207.2m