St Modwen directors take 20% pay cut

Developer St Modwen has announced that its Board has taken a 20% pay cut as it becomes the latest listed Midlands firm to scrap its dividend payment.

The firm also said this morning that 200 – or a third – of its staff have been furloughed, but that it is topping up the 80% payment so that staff receive their full wage.

Last week St Modwen announced that it had paused all housebuilding.

A statement from the company said: “Given the positive long-term fundamentals of the company’s key business activities, the Board of St Modwen remains confident that we remain well positioned for the future.”