Asda Property, the property investor, paid Tony Roscoe nearly pounds 500,000 in severance pay after the company sacked him as managing director in March, far higher than the pounds 300,000 observers assumed at the time. Patrick Ranger, property director, said that no replacement for Mr Roscoe had yet been selected, but that he expected headhunters to have a shortlist for the company by next month. Mr Roscoe left after disagreements with Manny Davidson, the chairman, whose family owns most of the company. The group also announced flat profits of pounds 5.06m for the six months to June. Earnings per share rose to 3.9p from 3.3p, and the interim dividend was 0.9 p against 0.85p.
pounds 500,000 pay-off for Asda Property MD