Sancus chief govt Rory Mepham (pictured) and outgoing chief monetary officer Emma Stubbs didn’t obtain bonuses final yr, that means their complete pay was decrease than in 2021.
The choice lending group’s annual report revealed that Mepham was paid a base wage of £220,000 final yr, the identical as in 2021. Stubbs – who’s leaving on the finish of March – had a base wage of £170,000, which was additionally the identical as in 2021.
Nonetheless, in 2021, Mepham and Stubbs had obtained a discretionary bonus of £50,000 and £75,000 respectively.
Mepham was appointed interim chief govt on 30 June 2021 and was named everlasting chief govt on 23 November 2022.
Mepham’s wage is considerably decrease than that of his predecessor Andrew Whelan in his final yr within the position. Whelan took residence a base wage of £260,981 and a bonus of £125,000 in 2021.
The publication of the report follows Sancus’ newest annual outcomes, which confirmed a pre-tax lack of £14.1m in 2022, up from £10.3m the earlier yr.
The £10,000 sale of its Gibraltar arm to co-founder John Davey meant a write-down of goodwill to the worth of £8.6m.
Nonetheless, group income elevated by 11 per cent to £10m in 2022, whereas working losses narrowed by 117 per cent to £4.7m.
“After 18 months in my put up as chief govt, the turnaround of the enterprise is on observe and we’re assured of our skill to ship profitability,” Mepham stated.
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“The enterprise has undergone appreciable restructuring and simplification throughout my tenure and we proceed to be completely focussed on residential property lending within the improvement and bridging area, a market which stays underserved and affords important development potentialities.
“Through the yr, we’ve got carried out numerous price optimisation initiatives in an effort to make sure that each pound of price incurred is geared in the direction of delivering development. We stay satisfied that technological enablement holds one of many keys to our future and are happy with each the progress that has been made to this point and the additional enhancements within the pipeline.”