Ahead of its pending listing on the Australian stock exchange, Redcape is issuing shares to employees.
High-profile pub operator Redcape Hotel Group (RHG) successfully completed its pre-IPO book-build earlier this month, which saw new and existing investors sign on for well in excess of the minimum $40 million sought.
RHG’s portfolio comprises 32 hotels in New South Wales and Queensland, employing over 700 staff, largely from the 28 communities in which it operates.
When it lists on the ASX – projected for 30 November – RHG will issue $1,000 worth of stapled securities to all full-time and permanent part-time employees.
The initiative is part of the Group’s management strategy, such as the recent appointment of a head of ‘Talent and Development’, to further bespoke development programs for high-quality hospitality leaders.
“This is a rewarding industry and one that can provide fantastic career opportunities for young people,” offers Redcape CEO Dan Brady.
“As a business, we continually challenge ourselves to build a strong employee value proposition. One that focuses on the development of our teams both personally and professionally and fosters a work environment that is dynamic, rewarding, challenging, supportive and puts our people first.”
RHG sees these staff development programs as critical to its growth strategy, but Brady says they also take pride in the team and like the idea of helping their futures.
“We recognise the challenges for entrepreneurial hospitality staff to enter into hotel ownership, so one of the key attractions in listing Redcape is that we are able to offer our people an equity stake in the business.”