High street footwear retailer Schuh is set to share a 25 million pound payout amongst its 3,500 employees following a number of successful years. News of the bonus comes not long after the retailer announced profits hit 11.5 million pounds for the year to February 1, 2015.
"Despite real challenges for all high street retailers, Schuh is going from strength to strength," commented Colin Temple, Chief Executive of Schuh. "We have gained significant market share in recent years with the introduction of our new concept Schuh Kids, we've opened more stores and we've recruited many more people."
The bonus was originally part of the 2011 deal US footwear manufacturer Genesco Inc. made when it purchases Schuh for 125 million pounds. The deal stipulated that a bonus scheme be put in place to reward staff if targets were met over a four year period. The amount each employee stands to receive is depended on their length of service at Schuh as well as their salary.
"The success of our business is based on the hard work and dedication of our people and there is no better way to thank them than to let them know today that we are sharing 25 million pound throughout the business," added Temple.