Rewards for failure after the Homebase takeover farce

BOSSES of Australian retailer Wesfarmers were given pay-offs worth more than £500,000 each when they left following the business’s disastrous takeover of Homebase.

Former managing director Richard Goyder, 58, and finance boss Terry Bowen, 49, left Wesfarmers last year.

In May 2018, Wesfarmers sold DIY chain Homebase for £1 after buying it for £340m in 2016 and struggling to stem mounting losses. Analysts said the takeover had been an ‘unbelievable disaster’ and Wesfarmers failed to judge the UK market correctly.

Wesfarmers annual report reveals Goyder got a termination payment of £529,033 while Bowen was handed £518,916 and the payments were made ‘principally in relation to contractual notice period and in support of a restraint’. Their overall pay packets fell as poor performance dented share awards. Goyder received £1.4m, down from £5.5m, while Bowen received £1m, down from £3.6m.