The directors at Belvoir took home pay of £1.2m in 2022 compared to £873,000 a year earlier, according to the group’s annual report.

The figures provided reveal that the estate agency group’s seven directors were paid a combined total of £1.2m in the year to the end of December, compared to £873,000 in 2021, even though the company posted a 2% drop in pre-tax profit to £9.1m.

Chief executive Dorian Gonsalves took home £451,000 during the year, a 31% increase on his £344,000 package in 2021.

Gonsalves’ basic pay and fees of £235,000 was boosted by a bonus of £192,000, a pension contribution of £23,000 and other benefits amounting to £1,000.

But chief financial officer, Louise George, received the largest pay increase as her package shot up 42% from £291,000 to £413,000.

As well as her basic pay of £216,000, George was awarded a bonus of £175,000, a pension contribution of £20,000 and other benefits totalling £2,000.

The pay of Belvoir non-executive board members, which includes chairman Jon Di-Stefano, almost doubled from £88,000 to £169,000 in 2022.

While director pay rose 40%, the company’s 2% fall in pre-tax profit for the year came alongside revenue growth of just 14%. Earnings per share also dropped 2% to 19.9p.

The group, which was established in 1995, has 159 offices under the Belvoir name and also owns five other brands, including East Midlands-based estate agent Newton Fallowell, student lettings specialist Nicholas Humphreys, and specialist concierge-style estate agency network Mr & Mrs Clarke. Belvoir also owns one of the businesses that trade as Mortgage Advice Bureau and is part of its network.

EYE has approached Belvoir for comment.