Bellway boss sees pay packet almost double to £3.2m

The boss of housebuilder Bellway saw his packet almost double in size over the past year despite challenges in the housing market.

Jason Honeyman, chief executive of the Newcastle-based company, received a total pay deal worth £3.23 million for the year to July, according to Bellway’s latest annual report.

It represents a significant jump from the £1.71 million pay deal he received a year earlier.

The increase was driven by bonus payments, with Mr Honeyman receiving £1.13 million in long-term bonuses during the year. He received no long-term incentives last year.

The report also showed that his annual performance-linked bonus increased to £1.17 million from £826,602 in the previous year.

Mr Honeyman, who has led the business for the past seven years, recorded an annual salary payment of £799,814, rising from £765,372 a year earlier.

The report showed that Mr Honeyman received a total pay package worth 61 times that of the average Bellway employee.

Meanwhile, Keith Adey, who stepped down as the group’s finance chief during the year, received a £1.36 million pay deal after also being boosted by long-term bonuses.

It represented an increase from a £1.05 million package a year earlier despite a smaller salary thanks to his departure during the year.

The executive pay deals came amid a backdrop of improved profits over the year.

Earlier this month, the group reported a pre-tax profit of £221.9 million, more than a fifth higher than the previous year.

The company also sold 14.3% more homes than the previous year, while the average selling price of a home rose from nearly £308,000 to about £316,400.

Mr Honeyman said in the update that the developer was facing “some near-term challenges” but that it was “very well-positioned to continue delivering much needed high-quality new homes in the years ahead”.