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Tuesday, November 28, 2006

John Caudwell: Class Act

John Caudwell gave away £3.5m to 500 of his staff on Saturday night.

Basically, anyone who had been with his various ventures for 5 years received £5,000 and then an extra £1,000 for every year of service. The maximum amount received was £17,000. This only applied to people below Associate Director level, so the main beneficiaries were shop assistants, call-centre workers and head office admin staff.

Billionaire Caudwell sold his entire operation to Providence Equity Partners and Doughty Hanson & Co for £1.46bn three months ago.