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Peter Vardy Group is set to transfer more than £5 million of ownership to its 800 colleagues as part of its partnership share scheme as the company celebrates its 10th anniversary.

From today each colleague will be given share options in the company. All 800 will be given the opportunity to join the scheme.

Peter Vardy, chief executive, said: “It is a rarity in a privately-owned family business to give away such a significant amount of equity in the company, but when I set up the business in 2006 I had a vision to create the world's best motor retail operation as measured by our colleagues, guests and communities in which we serve.

“We recognise that people want more than just a salary when they come to work.

“So we are creating a new type of company, for a new generation, with flexible working patterns in a modern environment where colleagues, now partners in the business, can flourish to everyone’s benefit.

“That has been my focus for the last ten years and this exciting new partnership share scheme locks-in that vision.

“We truly believe that with happy, motivated and engaged partners it will lead naturally to customer, or as we say, guest, satisfaction and will ensure our continued success as a business. Being part of the Peter Vardy Partnership will allow partners to truly shape the future of this company for the benefit of everyone.

“We will focus on this through our Peter Vardy Partnership meetings with a continued focus on our business, where every pair of hands is a free brain and in turn, serves to increase the value of our collective share ownership as we grow.”

To benefit financially they must remain with the company for a minimum of three years. When they exercise their share options each colleague will receive a loyalty bonus as well any uplift in the value of the share options over that period.

Since it was established in June 2006 the Peter Vardy Group has grown from one dealership in Perth to 12 throughout Scotland.