Senior team takes 20% pay cut at brick maker

The board and executive leadership team at brick maker Ibstock has taken a 20% pay cut for three months as the Leicestershire firm attempts to save cash during the Covid-19 pandemic.

The firm has said that its manufacturing sites across the UK have now been closed and that only a skeleton staff remains on site for security purposes.

Ibstock says it will furlough “a significant proportion” of its staff during the shutdown and it will look to defer final dividend payments this financial year.

The firm’s AGM will take places on 21 May at its London offices.