Estate agency has long escaped the publicity which has been given to bankers' salaries and bonuses - which may be just as well for the chief executive of Savills who last year enjoyed a 14 per cent rise on his 2013 income.
London financial daily City AM says Jeremy Helsby took home £2.2m in near term remuneration in 2014, a 14 per cent rise on 2013. The real estate group's chief financial officer Simon Shaw received £1.67m, up from £1.48m the year before.
The pair's respective base salaries for the current financial year will also jump. Helsby's will climb from £225,000 to £275,000 while Shaw will receive £210,000, up from £175,000.
Last month Estate Agent Today reported that Savills' annual figures showed revenues up 19 per cent to £1.1 billion and its pre-tax profits up 21 per cent to £85m. The high-end estate agency part of the business saw more modest growth; UK residential profits grew four per cent to £19.7m.
Savills' remuneration committee says Helsby and Shaw had not received a pay rise in five years while the size and complexity of the business now has grown significantly.
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Fair points. I was aware that Savills dabbled in auctions and property management too, but I wasn't sure how big a part of the business this was. How much of the organisation is dedicated to selling houses, out of interest
I was probably being a bit harsh, but the mere fact that he earns 150 more times what you do in a year shows how bonkers the world is. OK, I understand that he's head of a very large, increasingly global organisation. With that comes stress and pressure. And, of course, if the company is not performing it will fall squarely on his head. I appreciate that to get the best people you need to pay the appropriate salaries, too.
However, I do find it difficult when people say someone earning a six figure salary - in this case, a very large six figure salary - are deserving of that salary. I don't think such a large salary can ever be justified, no matter how successful the business. That's the world we live, though, and it's unlikely to ever change, so I guess I have to suck it up. Probably is jealously, to be honest, but if he's going to be earning that amount of money he has to expect a fair bit of criticism.
Whatever you think of politicians, they're arguably doing a much more pressurised, stressful job for far less money.
Don't forget auctions, P!
Rob Davis:
Savills do a whole lot more than sell houses to the rich. They are far more than just a chain of estate agencies, and in fact carry out a number of professional services including commercial sales and lettings, investment, management, land management, housing consultancy and even research and education. They are one of the worlds top organisations for anything housing, land or development related.
I worked it out, and this guy earns almost 150 times what I earn in a year!!! Am I jealous Of course I am! That doesn't mean he doesn't deserve it though . . . .
So much bitterness towards Savills. It was the same with Foxtons yesterday.
Tall poppy syndrome, pure and simple. We don't like success stories in this country, do we We'd much rather back the plucky underdog railing against the evil rich. Pathetic.
Savills are doing a great job, as their figures show. We should be celebrating them, not denigrating their achievements because people are jealous of the boss getting a big salary. He's worked for years to get to where he is and deserves appropriate remuneration.
How is this not news The boss of one of the UK's biggest and best-known agencies gets a massive pay hike. I'd say that was property-related news, wouldn't you EAT has a duty to report what is relevant to the industry, I'd say this very much is.
And I'm with Callie. You can pat him on the back and say well done for the success he'd had and the never-ending expansion he's carrying out, but 2.2m is a lot to be taking home in anyone's book and I can't really see how he deserves more purely for managing a company that sells houses to the very rich. Obviously he's in a position where he's got a lot of pressure, power and influence, but to say anyone is deserving of that amount of money is a little bit over-the-top.
@Graham - more than 2.2m a year Seriously For selling houses to the super-rich
I think most of us could bring in 85m in pre-tax profits if we were operating exclusively in the Prime Central London market, where houses go for silly prices.
I hope the mansion tax hits them hard when Labour get in.
And why not The way a fair, progressive society works is redistribution of wealth, those with the broadest shoulders pay the most. Sorry, but no-one needs to be earning 2.2m a year, that's a ridiculous amount of money.
I'm not anti wealth creation or anti people earning money. I invest in Portuguese property myself, so I'm not trying to take the moral high ground here. But I do believe in a fair society where those at the top pay the most.
Where is the "Story" here So a CE takes his company revenue up 19% (1.1bn) and pre-tax profits up 21% (85m) and EA compares this to Bankers saleries which are often at least double this, even for less "Senior" staff.
If I delivered 85m (Pre-tax) profits, I feel that a 2.5% share of those profits would be well deserved.
Can we please have some "News" rather than just "Headlines" for the sake of it.
I say Good Luck to Mr Helsby, he appears to deserve this (and perhaps more).
G
This headline is totally misleading as, due to the UK's crazy tax system, this chap will be 'taking home' only half of the amount stated - even less if Labour gets into Number 10 !!!