WORLDCHOICE has admitted to being frustrated in its
investment plans by complex legal issues surrounding the Shareholder Value
scheme.
Commercial director Keith Wilson explained that the
consortium is unable to promote the scheme to agency staff due to rules
governing the original offer.
He said: “If employees want to apply, they can. But we
are not able to promote the scheme or put something in writing to staff because
that would be like a public offering.
“We’ve looked into it and been told we can’t change
the system. It is frustrating.”
Worldchoice raised £1.1 million last year selling up
to 5,000 shares to its 700 individual members and employees for £1 each. An
initial launch also saw directors and proprietors receive 120 shares and 40
extra shares for each shop they own. A dividend is expected to be paid on the
shares from next year.
Employees can invest 7.5% of their salary in the share
scheme, but have to go direct to Worldchoice with requests as it cannot solicit
investment.
The money raised from the sale is being used to buy up
shops for the group. Two have been bought from retiring members through the
scheme, with 14 the target for this year.
Worldchoice can also use the cash to purchase shops
that may otherwise fall into rivals’ hands, or non-member stores.
Meanwhile, following recent talks between Worldchoice
and its rival Advantage Travel Centres, plans have been unveiled to enable the
two to work more closely with each other.
This includes a proposal for Advantage members to have
access to Worldchoice’s internal accounting system, known as ACAS, and for
Worldchoice members to be offered use of its rival’s bonding system.
Worldchoice director and general manager Chris Fife
said it had no plans to “get into bed with Advantage” although there were areas
where the consortia could work together.
“We could work together on mini-issues such as the
quality of products we both sell.
“We have a very good
relationship with Advantage, but we are also competitive,” he said.