To enable slash expenditures, the group’s board and senior administration group have agreed to voluntary wage reductions of at the very least 25% for the current period of time of disruption. Peter Cowgill, government chairman, volunteered for a wage reduction of seventy five%.
The payment of bonuses and other contractual incentive payments, because of or arising in regard of unique and group efficiency in the 12 months finished 1 February 2020, have also been deferred. The board reported these will be compensated at some point after suppliers have re-opened. The timing of these payments will replicate the evidence of its write-up-re-opening efficiency and the projected cashflow of the group.
The retailer reported it will not pay a remaining dividend this 12 months, as it believes it is in the most effective interests of shareholders to sustain money reserves.
On 26 March 2020, the Economic Conduct Authority announced a short-term relief