14 Apr 2020 08:30
SHAFTESBURY PLC ("the Company")
Covid-19 pandemic: Board remuneration and creation of a community fund
Shaftesbury PLC announces that, in light of the Covid-19 situation and the impact on the West End communities in which the Company operates, the Board has agreed waivers of 20% of both executive director base salaries and pension contributions and non-executive director fees. These waivers will be effective for a three month period which commenced on 1 April 2020. All employees below Board level continue to receive their full salaries and benefits and none have been furloughed.
The Company has set up a Community fund, equivalent to the cost savings from these Board remuneration waivers, which will be made available to its local community partners to address immediate needs arising from the current situation, as well as funding for initiatives as Government restrictions begin to be lifted. The fund, which will provide support totalling £144,000, is in addition to the Company's regular support for charities and other not for profit organisations, which in the last financial year totalled £820,0001, equivalent to 1.5% of EPRA earnings.
Jonathan Nicholls, Chairman commented:
"Our commitment to our local community is long-established and integral to our values. The Covid-19 pandemic is presenting unprecedented challenges to patterns of life and activity, and the Board's waiver of remuneration will provide additional funding to support our community partners and their important work during the current crisis."
1. Measured in accordance with London Benchmarking Group guidelines
14 April 2020
For further information:
Shaftesbury PLC 020 7333 8118 Brian Bickell, Chief Executive Chris Ward, Finance Director | RMS Partners 020 3735 6551 Simon Courtenay |
MHP Communications 020 3128 8100 Oliver Hughes/Reg Hoare |
Shaftesbury PLC LEI: 213800N7LHKFNTDKAT98
The person responsible for arranging the release of this announcement is Desna Martin, Company Secretary.
Notes for Editors
Shaftesbury is a Real Estate Investment Trust which invests exclusively in the liveliest parts of London's West End. Focused on food, beverage, retail and leisure, our portfolio is clustered mainly in Carnaby, Seven Dials and Chinatown, but also includes substantial ownerships in East and West Covent Garden, Soho and Fitzrovia.
Extending to 15.2 acres, the portfolio comprises 607 restaurants, cafés, pubs and shops, extending to 1.1 million sq. ft., 0.4 million sq. ft. of offices and 610 apartments. All our properties are close to the main West End Underground stations, which currently handle more than 225m passengers p.a., and within ten minutes' walk of the two West End transport hubs for the Elizabeth Line, at Tottenham Court Road and Bond Street, which long-term projections indicate could be handling 200 million passengers annually.
In addition, we have a 50% interest in the Longmartin joint venture, which has a long leasehold interest, extending to 1.9 acres, in St Martin's Courtyard in Covent Garden.
Our purpose is to curate vibrant and thriving villages in the heart of London's West End. Our proven management strategy is to create and foster distinctive, attractive and prosperous locations. We have an experienced management team focused on delivering our long-term strategic objectives, ultimately to deliver a positive, long-lasting contribution to the West End. We have a strong balance sheet with conservative leverage.
Ends