Lord Wolfson gifts his Next bonus to staff

Kasmira Jefford
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AROUND 19,400 staff at Next are to share in a £2.4m cash bonus after the fashion retailer’s chief executive Lord Wolfson decided to waive his bonus.

In the FTSE 100 firm’s annual report, published yesterday, Lord Wolfson asked for all employees who have been with the retailer since January 2010 to receive their share in the payout.

The £2.4m bonus – equivalent to around one per cent of their salaries and averaging at about £124 each – will be paid out in July.

Lord Wolfson, who nevertheless booked a 13 per cent pay rise to £4.6m, was entitled to the award under a share matching scheme, which came into force in 2010.

In a letter to staff, the Next boss said the bonus was “a gesture of thanks and appreciation from the company for the hard work and commitment you have given to Next over the past three years and through some very tough times.”

Next is one of the few retailers to have shrugged off the high street gloom, reporting a robust five per cent rise in underlying profit to £570m last year, thanks to strong growth at its directories and online business.