Charles Tyrwhitt founder Nick Wheeler did not accept a bumper £15.7m payout, despite the formalwear specialist recording a 21% rise in full year profit.
Sales at the retailer in the year to August 2, 2014, climbed 20% to £145m, delivering an operating profit of £17.5m. Wheeler told Drapers he expects this to jump a further 28% to £185m this year.
Wheeler, who founded the business 29 years ago, is entitled to a yearly windfall as part of the business’s partnership structure, which sees it share profits with members.
The amount he would have taken home following the latest results would have been more than double the £6.6m amount he pocketed in 2012 and represent an increase of 48% against his £10.6m payout in 2014.
However, despite the “strong year of growth”, put down to improved performance in the business’s online presence and high street stores, Wheeler opted to leave his share of the profits in the partnership to help with future investment and growth.
The trading update said attention has now turned to “potential locations to increase the size of [Charles Tyrwhitt’s] UK store portfolio.”
Charles Tyrwhitt has 23 stores worldwide, including 17 in the UK. Its flagship store is located on Jermyn Street in London.