Vertu Motors faces revolt over boss’s pay

CAR dealer Vertu Motors has risked an investor backlash by proposing a bonus to its chief executive despite slashing jobs and taking £36 million in Government support.

Robert Forrester is set to be handed a £200,000 bonus after the firm claimed £27.8 million under the furlough scheme and received £8.7 million in business rates relief after the pandemic forced its dealerships to shut. It cut 345 jobs last year.

Vertu now faces a revolt at its AGM next week.

Last month, fellow listed motor dealer Pendragon was condemned at its AGM for handing a £413,000 bonus to chief executive Bill Berman. Pendragon had t aken £52 million in taxpayer support and cut 1,800 jobs.

Andrew Speke, of the High Pay Centre, said: ‘It’s absurd for a company that has taken millions in taxpayers’ money to be awarding its CEO a sixfigure bonus.’

Vertu said executives initially waived their entitlement to a bonus but its remuneration committee – after ‘engaging directly with several of the largest shareholders’ – elected to award reduced bonuses following‘ significant progress’ by the firm.