Dividend down for G1 chief King

NIGHTCLUB entrepreneur Stefan King has received £50,153 in dividends from his G1 business empire, down from £374,390 a year earlier.

The drop was revealed in the group's latest full accounts which also showed the highest paid director at the firm behind the Corinthian Club in Glasgow and the Ghillie Dhu in Edinburgh saw their pay package fall to 110,000 in the year to 31 March from 125,326 in 2009.

Last month, the group revealed its headline trading figures including an 11 per cent increase in operating profits to 5.9 million on a 0.7 per cent rise in turnover to 45.5m. The full accounts showed that pre-tax profits more than doubled to 4.3m from just over 2.1m.

During the year, G1 closed the Corinthian for a 5.7m refurbishment, thought to be behind a 21 per cent fall in the number of hourly paid staff employed during the year.