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CVS Colleagues Benefit From £2.3m Payout From SAYE

1 year ago

31st January, 2023 09h42


Staff have seen a 124% increase in the value of their savings over three years

Over 600 colleagues at CVS have received a share of a £2.3m million gain as the company’s 2019 Save As You Earn (“SAYE”) share scheme matured at the beginning of this month.

CVS colleagues have seen a 124% per cent growth in their investment as the company’s share price has more than doubled.

CVS’ scheme allows colleagues to save up to £170-a-month for three years to purchase discounted shares in the company at the end of the three-year period. The scheme is open to all, and participants can save a maximum of £500 across SAYE schemes, which are launched annually. The combination of the discount and the growth of the share price over the last three years has led to a bumper payout for colleagues.

CVS colleagues in 2019 were granted an option to purchase shares at a price of £8.63 in January 2023. The share price has since increased to £19.35[i].

Previous SAYE schemes maturing in 2021 and 2022 have also delivered significant returns to savers allowing colleagues to participate in CVS’s share price growth since 2019.  Colleagues saving £170 per month in the 2019 scheme would have seen their total savings of £6,120 grow to nearly £14,000 over the three-year period.

Subsequent SAYE schemes launched in 2020, 2021 and 2022 have enabled colleagues to buy shares at a discount of 20 per cent to the prevailing share price.

The growth in CVS’ share price has come at a time of significant growth and progress for the company whose vision is to be the veterinary company people most want to work for and whose purpose is to provide the best care for animals.

Helen Finney, HR Director at CVS, said: “We are thrilled that so many colleagues will benefit from their efforts in delivering growth in CVS. Our success is driven by our outstanding team of vets, veterinary nurses and receptionists doing exceptional work across the UK and joining SAYE gives them the opportunity to share in the company’s success.”

CVS’ SAYE plan has been extended to CVS Group colleagues in the Republic of Ireland and The Netherlands in 2022. It is one of a significant number of benefits which the company offers to its colleagues. 

The company has also introduced a range of new benefits to its colleagues, including a salary sacrifice car scheme[1], health cash plan, plus optional life insurance, critical illness and private medical insurance[2]. These sit alongside a number of existing benefits such as; a CVS Refresh refreshments fund; long service holiday; Gymflex, Cyclescheme and Perkbox schemes; enhanced maternity, adoption and paternity leave; a CVS discount scheme; and an employee assistance programme.

CVS Group operates across small animal, farm animal, equine, laboratories and crematoria, with over 500 veterinary practices, referral centres and sites in the UK, the Republic of Ireland and the Netherlands. In the last five years the company has invested nearly £80 million in its sites, facilities and equipment, in addition to industry leading training and support, to give the best possible care to animals.

i As at 10 January 2023

[1] Launched early 2023

[1] Launched November 2022

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