Board of Sheffield-based listed housebuilder taking 30% pay cut

Housebuilder and land promoter MJ Gleeson has said that it is furloughing three-quarters of its staff because of the covid-19 pandemic.

The move means 456 employees, around 76%, will be put on the government’s job retention scheme which sees the government pay 80% of salaries for those affected up to a monthly value of £2,500.

MJ Gleeson

In a statement to the City the £250m-turnover business said it will top up the salaries of the 456 up to a maximum of 95%.

The firm added that all board members will take a salary cut of 30% with senior management seeing their pay packets cut by between 5% and 20%, according to salary bands. It said it would review the measures at the end of May.

Gleeson, which built 1,500 homes last year, normally sells two-thirds of its homes to those in key worker roles and the firm said when it begins building homes again, it will prioritise sales to those in key worker roles.

It began shutting sites and sales offices two weeks ago and said that it had cancelled an interim dividend worth £6.6m and which had been due to be paid last Friday.