Paul Idzik, the chief executive of DTZ, has taken a 25% pay cut as the property agent battles to overcome the collapse in real estate markets.

The company’s annual report shows that Idzik took a reduction in his base salary from £400,000 to £300,000 in the year to April 30.

A decline in the number of commercial property transactions and demand for business space saw DTZ slump to a £79.7m annual loss in that period.

Idzik, previously chief operating officer at Barclays, was formally appointed last November to lead a turnaround of the business.

Daily Telegraph