Bonanza payout for Bord Gáis employees

The sale of Bord Gáis Energy to a UK consortium has resulted in a bonanza payout of up to €66,000 to hundreds of workers.

Bord Gáis staff who worked in the company between 2005 and 2009, will receive an average of just under €54,000, with the highest payment set to amount to €66,000.

No member of the employee stock ownership plan (ESOP) will receive less than €17,000.

The payout has been triggered by the sale to a consortium made up of British Gas owner Centrica, Brookfield Renewables, and iCON Infrastructure.

The creation of Irish Water within Bord Gáis has complicated the operation of the ESOP. There were 1,001 members of the scheme. Around 750 still work with the company, while about 250 are retired or working elsewhere, but retain their stake in the firm.

Among those who will receive a payment are two former CEOs, John Mullins and Gerry Walsh.