Pub chief toasts bumper pay rise
The chief executive of pubs group JD Wetherspoon has been rewarded for another year of record sales and profits with a 30% rise in his pay and bonus package.
John Hutson saw his total pay and share package rise to £1.1 million after being awarded a £95,000 cash bonus, as well as £109,000 worth of shares under a long-term incentive scheme and a £358,000 share windfall in deferred payments from a plan set up in 2005.
The group’s annual report revealed that on top of a 2.5% rise in annual salary, executive directors also received 16.5% of their pay as a bonus after underlying pre-tax profits leapt 6.3% to a record-breaking £76.9 million in the year to July 28.
Chairman and founder Tim Martin, who owns a 26.5% stake in Wetherspoon, saw his salary remain at £324,000, although his overall package fell slightly as he was paid less for taxable benefits, such as rail travel.
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Employees throughout the group shared in the rise in annual profits as Wetherspoon paid bonuses and free shares worth £28.6 million to its workforce of around 26,000 staff during the year to the end of July.
Wetherspoon opened its first pub in north London in 1979 and now runs a chain of nearly 900 pubs.
Just a quick one. How come profits went up 6.3%, but bonuses were 16.5% ?????
Just wondering.