One For All and All For One

As Coronavirus keeps affecting the global economy and the UK government has extended the lockdown for additional three weeks, top executives of the main British equity crowdfunding platforms, namely Crowdcube, Seedrs and SyndicateRoom, are taking paycuts, AltFi reports.

In particular, Seedrs Executive Chairman and co-founder Jeff Lynn and Chief Executive Jeff Kelisky will take a 25 per cent cut on their monthly gross incomes, as will the five other members of the Seedrs executive team. Crowdcube Chief Executive and co-founder Darren Westlake and co-founder and Chief Marketing Officer Luke Lang are also taking 20 per cent pay cuts on their gross salaries. SyndicateRoom said it was also cutting executive pay but would not give specific details.

Moreover, Lang told AltFi: “We took the difficult decision to put a limited number of employees on furlough leave, who will continue to be paid under the government’s Coronavirus Job Retention Scheme. We also took the decision to plug the gap between the 80 per cent paid by the government and full pay so no employee suffers any loss of earnings.”

Similar move at SyndicateRoom as Marcin Zaba, Head of Marketing at SyndicateRoom said: “Yes, we’ve furloughed some staff to help ease the impact of reduced revenue following a quiet EIS season. We’re looking forward to bringing them all back as soon as the economic situation stabilises.”

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