Mothercare CEO to take pay cut

Mothercare has docked the pay of chief executive Mark Newtonjones as he returns to lead a turnaround of the ailing babywear retailer.

The company, which employs around 3,000 people across 137 stores, ousted him as boss in April but he is returning to oversee a sweeping store closure plan, which could see the loss of 800 jobs. Newton-jones will be paid £480,000, down from £612,000.