GVA Grimley executive directors have agreed to a 20% reduction in their pay package to protect the business during the downturn.

All 68 executive directors have been asked to take a pay reduction and some directors have also been asked to take a reduction. GVA has also placed all pensions contributions made by the firm on hold for the next 12 months.

Malcolm Whetstone, managing director of GVA Grimley said: ‘While our fee forecasts are healthy and our business model remains sufficiently robust to off-set the short term challenging economic conditions, our people remain the most important and integral part of this business.

‘As such, we feel it is necessary to take steps to establish a new approach that we believe will help protect our teams and our people from further job losses.’

Other firms including Jones Lang Lasalle and DTZ have already asked staff to take pay cuts.

Whetstone said: ‘It remains our absolute priority to retain our best people and our best teams. The principal element of our new approach will comprise a series of short term measures that will help reduce our costs and our fixed overheads, whilst maintaining the scale of our business.

‘By taking these measures, we can effectively manage any potential problems that the year ahead holds and continue to gain market share and position our business for the opportunities that a recovering market will present.’