Car dealer Vertu Motors has risked an investor backlash by proposing a bonus to its chief executive despite slashing jobs and taking £36million in Government support.
Robert Forrester is set to be handed a £200,000 bonus after the firm claimed £27.8 million under the furlough scheme and received £8.7million in business rates relief after the pandemic forced its dealerships to shut. It cut 345 jobs last year.
Backlash: Vertu Motors claimed £27.8 million under the furlough scheme and received £8.7million in business rates relief after the pandemic forced its dealerships to shut
Vertu now faces a revolt at its AGM next week.
Last month, fellow listed motor dealer Pendragon was condemned at its AGM for handing a £413,000 bonus to chief executive Bill Berman. Pendragon had taken £52million in taxpayer support and cut 1,800 jobs.
Andrew Speke, of the High Pay Centre, said: ‘It’s absurd for a company that has taken millions in taxpayers’ money to be awarding its CEO a six-figure bonus.’
Vertu said executives initially waived their entitlement to a bonus but its remuneration committee – after ‘engaging directly with several of the largest shareholders’ – elected to award reduced bonuses following ‘significant progress’ by the firm.
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