Sunday Mirror (Northern Ireland)
Barratt boss takes home £3.7m bonus
THE boss of Britain’s biggest homes firm netted £3.7million this year as many cladding scandal victims were facing bankruptcy. Fury as cladding row rages
Barratt chief David Thomas, 58, picked up £2.91million in bonuses on top of his £757,000 pay, the company’s annual report reveals.
It takes the keen fisherman’s pay and perks tally to £18million since starting as CEO in 2016.
Yet leaseholders in Barratt homes face paying out tens of thousands to fix defects in the wake of the Grenfell fire which killed 72 in West London in 2017. IT worker Steve Day, 40, got a £40,000 bill to replace flammable cladding on his Barratt build at Royal Artillery Quays, Greenwich, South East London. He said: “These huge payouts are a kick in the teeth when so many leaseholders are staring down the barrel at financial ruin.”
Steve is among leaseholders liable for a £16million repair bill. Barratt – with £919million pre-tax profits in the year to June – is covering £3millionworth. Dave Richards, from End Our Cladding Scandal, said: “Remedial funds set aside by Barratt are nowhere near enough. To rub salt into leaseholders’ wounds, David Thomas is paid huge sums running a company which is failing many customers.
“We speak regularly with Barratt leaseholders. Some face bankruptcy, others are delaying families, pensioners are going back to work to pay for the repairs.
“All tell us they feel completely trapped. It is high time Barratt did the right thing by finally making homes safe.”
Barratt has generated pre-tax profits of £3billion since Grenfell – paying out £1.34billion to shareholders. Married Mr Thomas lives on a £4.5million estate in Purley, South London. Papers show his £3.7million included a £1.12million bonus and £1.79million performance share payout. He also got £3.7million in 2019 and £1.25million last year.
The firm says cladding at Royal Artillery met regulations at the time. A spokesman said: “We don’t think leaseholders should pay for remediation and we are helping building owners to find solutions to support leaseholders in buildings we built.
“We have set aside or spent £220million and will update this amount as work progresses and reviews are completed.”