Tomkins rewards chief executive despite losses

A major British engineering company has rewarded its chief executive bonuses worth millions of pounds despite heavy losses and redundancies.

Tomkins recorded a pre-tax loss of £5.1m last year, but the board opted to pay chief executive Jim Nicol total compensation of more than £2.23m. Nicol also received deferred shares worth £2.2m.

Tomkins laid off 3,500 employees last year and is set to make a further 2,500 staff redundant this year. A spokeswoman at the firm said this would involve closing 15 plants, four of which are in Europe, and Tomkins is consulting the employees involved. She could not say whether jobs would go in the UK, or whether HR positions would be affected.

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