LOCAL staff from Reeds Rains estate agents are to share a multi million pound payout following the closure of parent company LSL Property Services first ever save as you earn scheme.

LSL Property Services, based at Kings Square in York, owns estate agency brands including Reeds Rains and Your Move. It offered staff the opportunity to save between £10 and £250 each month for three years. The money saved is then being used by staff to buy LSL shares at a discounted price of £1.15, which was set at the start of the scheme. The current market value of LSL shares were at £2.80 yesterday.

Those who invested the maximum £250 per month, £9,000 in total, will now walk away with nearly £22,000, with all scheme members seeing their savings into the scheme more than double in value, the business said.

John Wetherell, regional operations director for Reeds Rains, said: “It is only because of LSL’s position as a plc that staff can enjoy this opportunity and we feel confident that many more staff will see this as an excellent way of saving in the future as new LSL save as you earn schemes open.”