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
ebooksAn introduction to the ground rules of British democracy
Latest stories from i100
Have you tried new the Independent Digital Edition apps?
SPONSORED FEATURES
Independent Dating
and  

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

iJobs Job Widget
iJobs Money & Business

Recruitment Genius: Content Writer - Global Financial Services

£25000 - £30000 per annum: Recruitment Genius: From modest beginnings the comp...

Recruitment Genius: Web Developer - PHP

£35000 - £40000 per annum: Recruitment Genius: From modest beginnings the comp...

Recruitment Genius: Field Sales Consultant - Financial Services - OTE £65,000

£15000 - £65000 per annum: Recruitment Genius: This is an exciting opportunity...

Recruitment Genius: Loan Underwriter

£18000 - £20000 per annum: Recruitment Genius: This is a fantastic opportunity...

Day In a Page

Orthorexia nervosa: How becoming obsessed with healthy eating can lead to malnutrition

Orthorexia nervosa

How becoming obsessed with healthy eating can lead to malnutrition
Lady Chatterley is not obscene, says TV director

Lady Chatterley’s Lover

Director Jed Mercurio on why DH Lawrence's novel 'is not an obscene story'
Farmers in tropical forests are training ants to kill off bigger pests

Set a pest to catch a pest

Farmers in tropical forests are training ants to kill off bigger pests
Mexico: A culture that celebrates darkness as an essential part of life

The dark side of Mexico

A culture that celebrates darkness as an essential part of life
Being sexually assaulted was not your fault, Chrissie Hynde. Don't tell other victims it was theirs

Being sexually assaulted was not your fault, Chrissie Hynde

Please don't tell other victims it was theirs
A nap a day could save your life - and here's why

A nap a day could save your life

A midday nap is 'associated with reduced blood pressure'
If men are so obsessed by sex, why do they clam up when confronted with the grisly realities?

If men are so obsessed by sex...

...why do they clam up when confronted with the grisly realities?
The comedy titans of Avalon on their attempt to save BBC3

Jon Thoday and Richard Allen-Turner

The comedy titans of Avalon on their attempt to save BBC3
The bathing machine is back... but with a difference

Rolling in the deep

The bathing machine is back but with a difference
Part-privatised tests, new age limits, driverless cars: Tories plot motoring revolution

Conservatives plot a motoring revolution

Draft report reveals biggest reform to regulations since driving test introduced in 1935
The Silk Roads that trace civilisation: Long before the West rose to power, Asian pathways were connecting peoples and places

The Silk Roads that trace civilisation

Long before the West rose to power, Asian pathways were connecting peoples and places
House of Lords: Outcry as donors, fixers and MPs caught up in expenses scandal are ennobled

The honours that shame Britain

Outcry as donors, fixers and MPs caught up in expenses scandal are ennobled
When it comes to street harassment, we need to talk about race

'When it comes to street harassment, we need to talk about race'

Why are black men living the stereotypes and why are we letting them get away with it?
International Tap Festival: Forget Fred Astaire and Ginger Rogers - this dancing is improvised, spontaneous and rhythmic

International Tap Festival comes to the UK

Forget Fred Astaire and Ginger Rogers - this dancing is improvised, spontaneous and rhythmic
War with Isis: Is Turkey's buffer zone in Syria a matter of self-defence – or just anti-Kurd?

Turkey's buffer zone in Syria: self-defence – or just anti-Kurd?

Ankara accused of exacerbating racial division by allowing Turkmen minority to cross the border