Newspaper article Evening Chronicle (Newcastle, England)

Floating on Air

Newspaper article Evening Chronicle (Newcastle, England)

Floating on Air

Article excerpt

Byline: By Adam Jupp

Firm's staff to get big payouts

Workers are celebrating after the flotation of a Tyneside firm sparked a cash bonanza for all its staff.

Up until its admission into the London Stock Exchange today, the Eaga Partnership, based in Jesmond, Newcastle, has been owned completely by its own employees.

But the sale of 49% of its shares will raise an estimated pounds 95m, which will be shared out among the 3,200-strong workforce.

That means each worker at Eaga, which runs government schemes to tackle fuel poverty, will get an average payout of pounds 30,000 each.

But the exact amount individuals get will depend on how long they have worked at the firm and what their current salary is.

As a result, windfalls will range from a few hundred pounds, for people who have worked there for a number of months, to millions for top brass.

Among those celebrating is 48-year-old dad-of-two Ray Nesbitt, who has worked for the firm since 1993. …

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