THE financial director of a Burton-based pub giant could be set for a one-off payment of up to 100 per cent of his salary – on the successful completion of a company restructure.
Steve Dando could be handed the hefty £275,00 bonus by members of the Centrum 100 firm’s remuneration committee during the next financial year if his work to reshape Punch’s finances and secure its long-term future come good over the coming months.
Mr Dando’s basic salary for 2012-13 remained unchanged at £275,000 but a bonus of £210,00 plus benefits and contributions, lifted his total packet from £451,000 to £561,000.
The figures have been released as part of Punch’s annual report.
The document also showed that chairman Stephen Billingham’s total salary increased from £236,000 to £267,000 in 2012-13.
He was paid £115,000 between February 4 – when he took the role after chief executive Roger Whiteside quit to be the boss of Greggs – and August 17.
He said: “We are making good progress towards our long-term objective to become the UK’s highest quality, most trusted leased pub company.
“Expectations of future net income growth for the core estate remain unchanged with a return to like-for-like net income growth of up to 1 per cent in then 2014 financial year.”
The firm recently moved to allay fears that without changes it would be unable to continue trading as a going concern, after announcing that if a deal to reduce its £2.3 billion debt pile was not agreed, it could default on loans held against company assets.
Punch is hopeful that a consensual restructuring can be agreed before the end of 2013.
It is looking to reduce its core estate of pubs to around 3,000 as part of its bid to reduce its £2 billion debt pile.
During the past year, 433 pubs were sold off, which helped to bring in a whopping £149 million.
Punch made a pre-tax profit of £17 million in the past year, but this was down from £52 million compared to the previous year.