Anglian Home Improvements boss got £46,000 pay rise as company lost £4.7m
PUBLISHED: 15:10 29 May 2019 | UPDATED: 08:53 30 May 2019
One of Norfolk's biggest companies, which handed out £2m in redundancies in 2018, gave its top paid director a 20% pay rise in the same period.
Anglian Home Improvements revealed in its latest company accounts posted to Companies House that it lost a cumulative £7.7m between 2017 and 2018.
Only last week the Norwich-based company confirmed that it was in further consultation with staff to cut contract hours from 48 to 40 hours a week.
Despite this, the company forked out a further £46,000 for its top paid director in 2018, bringing the individual's salary to £274,000.
On top of this, the director saw their benefits - such as car allowance or a medical plan - increase from £6,000 to £60,000.
The company, which was founded in 1966, was first launched as Anglian Windows and has since diversified from that product into a wider range such as conservatories and cladding.
Although the company turned over more than £227m in 2018, it was unable to make a profit and posted pre-tax losses of £5.1m.
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And the business isn't out of the woods yet, with debts racking up to £18m in the form of a secure loan to its majority shareholder Alchemy Special Opportunities Fund, repayable in December 2020.
However whether the £16.3m owed to trade creditors (suppliers) in 2018 is also secured against assets is unclear.
Despite this, a spokesman for Anglian said: "Management are confident that the underlying qualities of the business and its strongest asset, its people, will allow Anglian to maintain its position as the UK market leader."
The company had suffered one-off costs of £2.2m in the period for consultants and redundancies.
The spokesman added: "We entered 2017/18 with confidence that the strength of our brand and our reputation for high quality products and excellent service would stand us in good stead. However, continued low consumer confidence led to a period of weaker order intake as customers held back committing to larger purchases.
"The business subsequently focussed on the close control of costs and developed strategies to cope with the challenging market conditions. Despite market conditions the business completed a £10m investment programme in the year in quality and service."
The company employed around 1,600 people in 2018, 820 of which were in manufacturing, including those in the business's Liberator Road factory.
The company lost around 120 employees between 2017 and 2018 - but the payroll across salaries, pensions and social security was slashed by £3.5m to £53.5m.