Matalan chief executive Jason Hargreaves took home £1.5 million last year, thanks to a bonus that was reportedly linked to successfully spearheading a refinancing package for the retailer.
According to accounts filed at Companies House, Matalan’s highest-paid director – thought to be Hargreaves – earned a £900,000 bonus on top of a basic pay of £600,000.
Pre-tax profit for the same year, covering the period February 24, more than doubled to £20 million.
Meanwhile, total revenue rose 2.5 per cent from £1.04 billion to £1.06 billion.
According to Press Association, Hargreaves’ reward was tied to Matalan’s results, which were the best for seven years.
They were also reportedly tied to the refinancing of the retailer’s loan notes, which were maturing in 2019 and 2020.
Matalan replaced the notes with £330 million of secured notes due in 2023, and a second tranche of £150 million due in 2024.
When the company released its full-year results, Hargreaves warned that retail market conditions were likely to remain challenging “for the foreseeable future”.
He added that Matalan had been hit by inflationary pressures and the weakend sterling.
Hargreaves is the son of John Hargreaves, who founded Matalan in 1985.