Wickes chief earns pounds 1m again

Henry Sweetbaum, chairman of the Wickes DIY group, is set to earn more than pounds 1m again this year, even though the company announced record losses of pounds 258m yesterday.

Under the the company's long-term incentive scheme, Mr Sweetbaum is expected to receive a bonus of pounds 750,000 for the 12 months to December. The payment is linked to the company's share price performance over the past three years. It is likely to push his pay for the year beyond the pounds 1m barrier which will make him one of the highest paid retailers in Britain.

It follows a pounds 673,000 bonus last year which on top of his pounds 297,000 annual salary and pounds 130,000 annual bonus, took Mr Sweetbaum's salary for the year to December 1994 to pounds 1.1m . Other Wickes directors are also set to earn high bonuses. Michael Corner, chairman of Wickes properties and the finance director, Trefor Llwellyn, are both expected to receive bonuses of pounds 437,000.

Wickes made a provision of pounds 1.8m in its 1994 accounts to cover the maximum bonuses that could be paid under the scheme. Wickes shares started 1992 at 56p. They closed 4p down yesterday at 121p.

The payments are certain to spark controversy, particularly after the record losses announced yesterday,but the company said the bonuses related to previous years,not just last year.

Wickes' losses stem from the sale of Hunter Timber and costs relating to the sale of the Builder's Mate chain. Total costs of the disposals were pounds 269m -of which pounds pounds 186m was a write-off of goodwill relating to the original purchase of Hunter Timber in 1988. The company stressed that the write offs had no impact on the cash resources or financial position of the group.

In the year to 31st December, Wickes sales increased from pounds 733m to pounds 834m. Profits on continuing operations - the Wickes DIY stores - were flat at pounds 36m. Sales in the UK increased by 29 per cent with like for like sales up a healthy 11 per cent. Wickes now has 153 stores in five countries. The group will add a further 20 new UK outlets this year taking total to 130.

Investment Column, page 18

Suggested Topics
Start your day with The Independent, sign up for daily news emails
ebooks
ebooksA special investigation by Andy McSmith
  • Get to the point
Latest stories from i100
Have you tried new the Independent Digital Edition apps?
Independent Dating
and  

By clicking 'Search' you
are agreeing to our
Terms of Use.

iJobs Job Widget
iJobs Money & Business

Recruitment Genius: Retirement Coordinator - Financial Services

Negotiable: Recruitment Genius: To provide a prompt, friendly and efficient se...

Recruitment Genius: Annuities / Pensions Administrator

Negotiable: Recruitment Genius: You will be the first point of contact for all...

Ashdown Group: HR, Payroll & Benefits Officer - Altrincham - up to £24,000.

£18000 - £24000 per annum + benefits: Ashdown Group: HR, Payroll & Benefits Of...

Ashdown Group: Learning and Development Programme Manager

£35000 - £38000 per annum + benefits : Ashdown Group: A highly successful, int...

Day In a Page

The saffron censorship that governs India: Why national pride and religious sentiment trump freedom of expression

The saffron censorship that governs India

Zareer Masani reveals why national pride and religious sentiment trump freedom of expression
Prince Charles' 'black spider' letters to be published 'within weeks'

Prince Charles' 'black spider' letters to be published 'within weeks'

Supreme Court rules Dominic Grieve's ministerial veto was invalid
Distressed Zayn Malik fans are cutting themselves - how did fandom get so dark?

How did fandom get so dark?

Grief over Zayn Malik's exit from One Direction seemed amusing until stories of mass 'cutting' emerged. Experts tell Gillian Orr the distress is real, and the girls need support
The galaxy collisions that shed light on unseen parallel Universe

The cosmic collisions that have shed light on unseen parallel Universe

Dark matter study gives scientists insight into mystery of space
The Swedes are adding a gender-neutral pronoun to their dictionary

Swedes introduce gender-neutral pronoun

Why, asks Simon Usborne, must English still struggle awkwardly with the likes of 's/he' and 'they'?
Disney's mega money-making formula: 'Human' remakes of cartoon classics are part of a lucrative, long-term creative plan

Disney's mega money-making formula

'Human' remakes of cartoon classics are part of a lucrative, long-term creative plan
Lobster has gone mainstream with supermarket bargains for £10 or less - but is it any good?

Lobster has gone mainstream

Anthea Gerrie, raised on meaty specimens from the waters around Maine, reveals how to cook up an affordable feast
Easter 2015: 14 best decorations

14 best Easter decorations

Get into the Easter spirit with our pick of accessories, ornaments and tableware
Paul Scholes column: Gareth Bale would be a perfect fit at Manchester United and could turn them into serious title contenders next season

Paul Scholes column

Gareth Bale would be a perfect fit at Manchester United and could turn them into serious title contenders next season
Inside the Kansas greenhouses where Monsanto is 'playing God' with the future of the planet

The future of GM

The greenhouses where Monsanto 'plays God' with the future of the planet
Britain's mild winters could be numbered: why global warming is leaving UK chillier

Britain's mild winters could be numbered

Gulf Stream is slowing down faster than ever, scientists say
Government gives £250,000 to Independent appeal

Government gives £250,000 to Independent appeal

Donation brings total raised by Homeless Veterans campaign to at least £1.25m
Oh dear, the most borrowed book at Bank of England library doesn't inspire confidence

The most borrowed book at Bank of England library? Oh dear

The book's fifth edition is used for Edexcel exams
Cowslips vs honeysuckle: The hunt for the UK’s favourite wildflower

Cowslips vs honeysuckle

It's the hunt for UK’s favourite wildflower
Child abuse scandal: Did a botched blackmail attempt by South African intelligence help Cyril Smith escape justice?

Did a botched blackmail attempt help Cyril Smith escape justice?

A fresh twist reveals the Liberal MP was targeted by the notorious South African intelligence agency Boss