Author Topic: Berkeley Profits Up 44% As Pidgley Gets £23.2m Pay Windfall.  (Read 1930 times)

0 Members and 1 Guest are viewing this topic.

New Home Expert

  • Global Moderator
  • Expert
  • *****
  • Posts: 814
  • Country: england
  • Expert advice for new home buyers
    • New Home Blog
Berkeley Profits Up 44% As Pidgley Gets £23.2m Pay Windfall.
« on: August 11, 2015, 10:11:43 am »
Quote
"The test of our progress is not whether we add more to the abundance of those who have much,
it is whether we provide enough for those that have too little."  Franklin D Roosevelt

"Greed, for want of a better word" must still be considered "good" in the Berkeley boardroom.
But how much is enough Mr Pidgley?
At your age (68), what extra happiness or quality of life will this additional £23m bring you?
Perhaps you will use some of this windfall for charitable causes  - Adult literacy classes perhaps?

Pidgley came from a humble background, being adopted from Barnardos by travellers when he was four, spending his formative years living in a disused railway carriage.  After co-founding Berkeley nearly 30 years ago, he received £23.2m last year as the first of a series of payments to the company’s top executives which could total £500m over the next six years if targets for returns to shareholders set in 2011 are met.

The Sunday Times Rich List previously estimated Pidgley’s fortune at £212m. The additional £23.2 cash and shares windfall makes him one of the wealthiest executives in the UK.

Berkeley focuses on building upmarket homes in London and the south-east of England, building 10% of all new homes in the capital. Last year the Berkeley built a total of 3,355 new homes, 387 less than the previous year. Despite this, Berkeley Group reported a profit after tax of £423.5m - up 44.6%. Hardly surprising given that the average selling price of their new homes is £575,000, 270% more than the average new home sold by Taylor Wimpey.

Pidgley was one of several FTSE executives that showed their support for the Conservatives in a letter to The Daily Telegraph in the run up to the general election in May. No doubt in gratitude to this overly builder-friendly government for the taxpayer funded  'Help to Buy' subsidy that has 'helped' all housebuilders to record profits.

Clearly they are "all in it together"
New Home Blog - New Home Expert is committed to providing help and advice for people having issues with their new homes and difficulties with house builders as well as helping potential buyers reduce the risk of possible problems if they do buy.


New Home Expert

  • Global Moderator
  • Expert
  • *****
  • Posts: 814
  • Country: england
  • Expert advice for new home buyers
    • New Home Blog
Re: Berkeley Profits Up 44% As Pidgley Gets £23.2m Pay Windfall.
« Reply #1 on: August 12, 2015, 07:57:22 am »
The Independent has also picked up on this saying:
Help to Buy and other state support built these housebuilders' bonuses.
"Given the housing shortage, it would be nice if executives were paid by the number of homes they got built."

Quote
Thanks to the taxpayers' money pumped into the Help to Buy scheme supporting loans for first time buyers, housebuilders have been able to sell nearly 50,000 new homes.
Every taxpayer's pound lent through this system is a pound of revenue in a housebuilder's pocket.

I have been saying this ever since 'Help to Buy' was introduced.
Help to Buy blog articles

It must now be time to stop this blatant misuse of taxpayers' money - or more accurately borrowing money and increasing UK national debt to fund what is a 'Help to Profit' state subsidy for housebuilders providing excessive windfall bonuses for their greedy executives.

'Help to Buy' was never going the "help" homebuyers. Every major housebuilder increased their prices by at least the 20% government  "Help" long ago.   

It is time to pull the plug on Help to Buy
New Home Blog - New Home Expert is committed to providing help and advice for people having issues with their new homes and difficulties with house builders as well as helping potential buyers reduce the risk of possible problems if they do buy.

Tim Fee Snagging Inspector