Greene King directors earn £1.4m in bonuses
by The PMA Team
Greene King directors earned record bonuses of £1.4m in the wake of its £654m acquisition of Laurel Pub Company, according to the annual report published last week.
The company now runs 820 managed and 1,153 tenanted pubs after the purchase of Laurel's 432-strong neighbourhood estate.
Greene King's acquisition of the Laurel pubs helped boost turnover to £736.6m and led to a 14% jump in pre-tax profits to £94m in the year to 1 May.
In the past year, the company has completed the integration of the Laurel package and a securitisation to fund the deal. This saw Greene King issue £600m of bonds backed by the income and assets of 904 managed and tenanted pubs. A further £450m was raised through a five-year bank loan.
Greene King chairman Tim Bridge, who was chief executive up until May, received a bonus of £361,000 on top of his salary of £415,000. When other benefits are included he received a package worth £802,000 compared with £684,000 a year before.
New chief executive Rooney Anand, previously in charge of Greene King Brewing Company, received an annual bonus of £279,000 on top of his salary of £250,000. With other benefits, his total package was £563,000, up from £385,000 a year earlier.
Greene King finance director Michael Shallow earned a bonus of £341,000 on top of his annual salary of £255,000. With other benefits his package rose to £681,000 from £481,000 the year before.
Mark Angela, managing director of the pub company, was given a bonus of £241,000 on top of his £225,000 annual salary. With other benefits his total package was worth £490,000. He received just £56,000 the year before after joining during the year from Colgate Palmolive.
David Elliott, managing director of Greene King Pub Partners, was awarded a £219,000 bonus on top of his salary of £225,000. With other benefits, his pack-age was £471,000 up from £381,000.
Anand said: 'Last year was one of significant progress for the group, leading to record results. The acquisition of Laurel, its successful integration and an improved funding structure have made Greene King a stronger business.
