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Wed October 28 2020

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Barratt boss gets 67% pay rise despite hefty loss

13 Oct 10 Barratt Developments chief executive Mark Clare has received a pay rise of almost £600,000 – despite the house builder making a loss of £130m in the year ending 30 June 2010.

Barratt Developments chief executive Mark Clare has received a pay rise of almost £600,000 – despite the house builder making a loss of £130m in the year ending 30 June 2010.

Its revenue shrank 10% and the firm is still labouring under a debt of £366.9m.

According to Barratt's annual report, Clare was paid £1.42m during the year, compared to £847,000 in the previous 12 months, with a base salary of £630,000 and a bonus of £568,000.

In the new financial year, his base salary will increase by 2% and the maximum bonus he will be able to receive will rise from 100% of his salary to 150%.

Clare received no bonus or salary increase in 2009, when Barratt posted a loss of £679m and was forced to make a £720m cash call to shareholders.

Bob Davies, chairman of the house builder's remuneration committee, said he had approved a company wide 2% salary increase "in order to motivate and retain staff".

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