Punch Taverns' Dando in line for hefty restructure bonus

By John Harrington

- Last updated on GMT

Related tags: Salary, Management occupations

Punch's Dando could be in line for a hefty bonus
Punch's Dando could be in line for a hefty bonus
Punch Taverns finance director Steve Dando could receive a one-off payment of up to 100% of his annual salary - £275,000 - on successful completion of the company’s capital restructure project, according to Punch’s Annual Report (PDF).

Punch’s remuneration committee could decide to grant the payment in addition to the long-term incentive grant of 100% of his salary from 2013/2014 onwards, plus up to an additional 125% of salary for his annual bonus (2012: 150%).

Dando’s basic salary for 2012/2013 remained unchanged at £275,000 but a bonus of £210,000 (2012: £100,000) plus benefits and pension contributions lifted his total remuneration from £451,000 to £561,000.

The report says that as a result of Punch exceeding profit targets and beating targets related to lettings and disposals, Dando’s bonus for the year was set at 76.5% of salary, which was 51% of the maximum amount.

Restructuring

Announcing its full-year results in September, Punch said it considered that a consensual restructuring of its business can be launched in the final three months of this year.

Meanwhile, executive chairman Stephen Billingham’s total salary increased from £236,000 to £267,000 in 2012/2013, the report states.

He was paid £115,000 between 4 February - when he took the role following the resignation of chief executive Roger Whiteside - and the year end (17 August).

In addition, Billingham received £152,000 for the period of the last financial year when he was non-executive chairman.

Related topics: Punch Pubs & Co

Related news

Show more