No bonus for Sancus chief last year
Sancus chief executive Rory Mepham (pictured) and outgoing chief financial officer Emma Stubbs did not receive bonuses last year, meaning their total pay was lower than in 2021.
The alternative lending group’s annual report revealed that Mepham was paid a base salary of £220,000 last year, the same as in 2021. Stubbs – who is leaving at the end of March – had a base salary of £170,000, which was also the same as in 2021.
However, in 2021, Mepham and Stubbs had received a discretionary bonus of £50,000 and £75,000 respectively.
Mepham was appointed interim chief executive on 30 June 2021 and was named permanent chief executive on 23 November 2022.
Mepham’s salary is substantially lower than that of his predecessor Andrew Whelan in his last year in the role. Whelan took home a base salary of £260,981 and a bonus of £125,000 in 2021.
The publication of the report follows Sancus’ latest annual results, which showed a pre-tax loss of £14.1m in 2022, up from £10.3m the previous year.
The £10,000 sale of its Gibraltar arm to co-founder John Davey meant a write-down of goodwill to the value of £8.6m.
However, group revenue increased by 11 per cent to £10m in 2022, while operating losses narrowed by 117 per cent to £4.7m.
“After 18 months in my post as chief executive, the turnaround of the business is on track and we are confident of our ability to deliver profitability,” Mepham said.
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“The business has undergone considerable restructuring and simplification during my tenure and we continue to be exclusively focussed on residential property lending in the development and bridging space, a market which remains underserved and offers significant growth possibilities.
“During the year, we have carried out various cost optimisation projects in an effort to ensure that every pound of cost incurred is geared towards delivering growth. We remain convinced that technological enablement holds one of the keys to our future and are pleased with both the progress that has been made to date and the further enhancements in the pipeline.”