Berkeley directors to net £100m bonus

Berkeley Group is to pay its managing director Tony Pidgley and three fellow directors a bonus of more than £100m.

Mr Pidgley and his colleagues will get 7% of Berkeley Group, which has a market value of £766m.

Pidgley will be awarded shares worth £31m, while finance director Rob Perrins will get £12m and directors Tony Carey and Greg Fry will receive shares worth £9m and £6m.

The share distribution is expected to be approved at the general meeting in August to bring forward the payments, which were to be paid in 2011.

The deal results from an agreement struck in 2004 to return 1,200p per share to investors. So far 900p has been paid back.

The final repayment of 300p will be delayed until February 2014, as the firm thinks buying land at distressed prices will be a better use of its cash, according to the Daily Telegraph.