Quote:
Scores of senior managers at the RAC are in line to share a £300m windfall if the breakdown recovery service pushes ahead with an expected float next month.
The company is close to announcing plans to join the London Stock Exchange with an expected value of about £2bn. The move will trigger a handsome payout for between 60 and 70 top staff, who own a combined 15pc stake in the RAC, according to Companies House filings.
The large equity slice was negotiated by chief executive Chris Woodhouse, the architect of its buy-out from Aviva by private equity house Carlyle three years ago. Mr Woodhouse stands to make between £40m and £50m, while chairman Rob Templemans payout is expected to be around the £30m mark. The pair also have smaller personal holdings worth several million pounds apiece.
The RAC, founded as the Royal Automobile Club in 1897, has more than 7m members and 4,000 employees.
Based in Birmingham, it responded to 2.5m call-outs last year. It has already paid out several large dividends to Carlyle as profits have climbed every year under its ownership.
http://www.telegraph.co.uk/finance/n...-windfall.html
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