Bellway, the UK’s fourth largest housebuilder, is facing a revolt from shareholders after it paid more than £630,000 to top executives in spite of a sharp fall in its share price last year.

The Association of British Insurers has issued a rare 'red top' alert to shareholders, expressing concern over the pay-outs to John Watson, chief executive, and two other executives.

The directors were rewarded with bonuses worth 55% of their salaries in a year when shares in the company lost 28% of their value, sales fell by 50% and house prices collapsed.

Financial Times