NB Real Estate chief executive Mike Hatt said today the firm had cancelled its bonuses for the year to 30 September 2008 due to current market conditions.

Hatt said: ‘Given the unusually severe economic downturn, it has been decided that no bonuses will be paid in respect of the year ended September 30 2008, other than those guaranteed or already committed.

‘We have received unanimous support for this decision from our board of directors and I’d like to take this opportunity to applaud them on their hard work, success and dedication throughout the last few testing months.

‘Our strength in property management and directly related consultancy services means that we are well equipped to deal with current economic conditions and we continue to trade at a profit, with a positive cash flow. We believe, however, that this ‘safety first’ approach to bonuses will best ensure our continued stability and readiness to benefit from economic recovery in the future.’