Founder whose wife left him for Hancock gets share of £1m dividend

EXCLUSIVE: Businessman whose wife left him for Matt Hancock can cheer himself with share of £1m dividend from his firm Oliver Bonas

  • Oliver Tress shared £990,000 with just one other fellow director, accounts show
  • The Oliver Bonas founder shared the dividend during the year to December 31 
  • This whopping sum comes despite Oliver Bonas’ furloughing around 984 staff

The businessman whose wife left him for shamed former Health Secretary Matt Hancock has had better news: getting to split a near £1m dividend, MailOnline has discovered.

Newly single Oliver Tress, founder director of posh lifestyle retailer Oliver Bonas, shared the sum of £990,000 with just one other fellow director during the year to December 31, accounts show.

The eye-watering pay day comes despite Oliver Bonas, which sells fashion and homeware, furloughing staff with money from the Treasury’s Job Retention Scheme during the Covid-19 crisis.

Oliver Tress with Gina Coladangelo, who left him for shamed former Health Secretary Matt Hancock

Mr Tress, 54, who attended Marlborough College and Durham University before founding the store, has been married to Gina Coladangelo for about 12 years.

But their relationship hit the rocks after Ms Coladangelo, 44, and her then boss at the Health Ministry Mr Hancock, also married, were exposed for having a tryst.

CCTV Images of Ms Coladangelo and 43-year-old Mr Hancock locked in a lover’s clinch in his office were widely published in June, leading to his resignation from Government.

She reportedly fled the £4.5 family home she shares with Mr Tress after the affair was exposed, and is understood to now be in an ongoing relationship with Mr Hancock, who in turn walked out on his wife and young children.

It’s not clear how Mr Tress and his co-director Timothy Hollidge split the £990,000 dividend between them, but the mega payout eclipsed the firm’s £708,039 post tax profit for the year, the documents show.

The dividend bonanza was revealed in accounts for Oliver Bonas Limited and its group of subsidiary companies, published last month.

CCTV Images of Ms Coladangelo and 43-year-old Mr Hancock locked in a lover’s clinch in his office were widely published in June, leading to his resignation from Government 

Matt Hancock and Gina Coladangelo in 2019. She reportedly fled the £4.5 family home she shares with Mr Tress after the affair was exposed

A note from Mr Tress in the company’s 2020 gender pay gap report states: ‘Like many other businesses, the pandemic led to the closure of many of our stores for significant periods of time.

‘Furloughing on and off 88 per cent of Team OB.

‘This meant that we used the Coronavirus Job Retention Scheme and 88 per cent of our team members were furloughed at some point.’

According to Oliver Bonas’ latest accounts, the average number of employees, including the directors, last year was 1,119.

This suggests that approximately 984 Oliver Bonas employees were furloughed.

Mr Tress and Mr Hollidge’s generous dividend payment could raise questions over the appropriateness of Oliver Bonas using the furlough scheme.

Posh lifestyle retailer Oliver Bonas, products pictured, furloughed staff with money from the Treasury’s Job Retention Scheme during the Covid-19 crisis

The Government launched the Job Retention scheme in March last year to pay the wages of people who couldn’t work or whose bosses couldn’t afford to pay them.

It initially paid 80 per cent of a furloughed employee’s wages, up to £2,500 a month.

But in August and September the Government reduced its contribution to 60 per cent of wages, with bosses paying 20 per cent.

The scheme finished at the end of last month.

Oliver Bonas boasts 77 stores in the UK and one in Ireland and also flogs its goods online in the UK, US and Ireland.

It is known for its middle class clothing and trendy homeware items.

Mr Tress launched the trendy business and opened its first shop in 1993.

Ministers say about 11 million jobs were subsidised at some point during the furlough scheme, costing a mammoth £70 billion.

Oliver Bonas was contacted for comment.

Source: Read Full Article