Nisa staff denied bonus despite hitting targets
Convenience chain Nisa has angered staff by refusing to pay out annual bonuses, despite hitting annual performance targets.
The company, currently at the centre of a possible £130 million takeover talks with Sainsbury’s, told 280 head office staff that there would be no bonus payment, despite an 18% increase in underlying profits to £8.6 million.
Last year the store shared £2.2 million amongst staff members, including a £300,000 bonus for chief executive Nick Read.
Staff have complained of feeling “betrayed” and demotivated at the loss of the bonus.
Sainsbury’s acquired Argos parent company Home Retail Group last year for £1.4 billion, adding to its portfolio. The proposed deal with Nisa would offer the grocer access to 3,000 convenience stores across the UK.
Some 75% of Nisa’s 1,400 members, who each own between one and 250 shares in the group, must vote in favour of selling the business for the deal to go ahead. Members are currently divided between those that have voiced concerns about the prospect of the takeover by Sainsbury’s, and those that are keen to be part of a bigger group with better bargaining power