Top Hollywood Bowl bosses lined up for massive pay day
The top bosses at Hollywood Bowl have been lined up to receive a bonus worth 150 per cent of their base salary if the FTSE 250 group continues to hit its financial targets.
Chief executive Stephen Burns and chief financial officer Laurence Keen are eligible for a bonus up to the new total for the group’s current financial year.
In previous years they have been able to receive a bonus up to 100 per cent of their base salaries.
Both Burns and Keen have received a bonus of 100 per cent of their base salaries for the last two years.
The CEO took home a pay packet of more than £1.5m for Hollywood Bowl’s most recent financial year, while Keen took home over £1m.
The change to the company’s remuneration policy comes after Hollywood Bowl reported a record revenue for its most recent financial year.
However, its pre-tax profit fell over the 12 months while its share price dropped sharply after its full-year results were revealed.
Hollywood Bowl changes rules to ‘remain competitive’
In the annual report, remuneration committee chair Julia Porter said: “A maximum bonus opportunity of 100 per cent of salary has been in place since the company’s IPO in 2016.
“Over the last eight years the group has delivered significant growth and expansion, underpinned by strong financial and operational performance.
“The group’s market capitalisation has increased by c.120 per cent from c.£240m at IPO to c.£525m, leading to the group’s promotion to the FTSE 250.
“Furthermore, the group is well position to continue to build on this progress and deliver long-term sustainable value to shareholders.
“With this in mind, and to ensure that the remuneration arrangements remain competitive against companies of a similar size and complexity, the maximum bonus opportunity under the new policy has been increased to 150 per cent of base salary.
“For FY2025, the CEO and CFO will receive a maximum bonus opportunity of 150 per cent of base salary.
“The CPO will receive a maximum bonus opportunity of 100 per cent of base salary, as has been the practice for this position in the past.”