Departing Vistry chief Greg Fitzgerald sees pay double to £2m

The outgoing boss of Vistry saw his pay more than double last year even though Britain’s biggest affordable housing provider built fewer homes after issuing a series of profit warnings that have sent its share price tumbling.

Executive chairman Greg Fitzgerald made £2 million, up from £875,000 in 2024, accounts just filed show.

He is retiring after nine years at the helm of the company, which has been championed by former Deputy Prime Minister Angela Rayner for building one in seven affordable homes – properties that are priced below local market rates for sale or rent.

Taxpayers have handed Vistry – owner of Bovis Homes, Countryside Partnerships and Linden Homes – £374 million in funding over the past decade, according to Housing Minister Matthew Pennycook.

On the move: Greg Fitzgerald is quitting Vistry, championed by ex-deputy PM Angela Rayner (pictured inset with Sir Keir Starmer) for its affordable homes

The Government has also cleared the way for Vistry to receive up to £700 million in further subsidies as part of a £39 billion extension to its affordable homes programme.

But in a blow to Labour’s ambitious housebuilding targets, it delivered just 15,658 new homes in 2025, down 9 per cent on the previous year, blaming uncertainty ahead of the Chancellor’s Budget for the shortfall. 

Vistry, which works with partners such as housing associations and local councils, has also been hit by rising construction and employment costs amid reports that it has delayed payments to some suppliers.

The audit watchdog is also investigating the conduct of two unnamed accountants about forecasting and financial reporting at Vistry’s southern England unit between 2023 and 2024, which led to a £165 million miscalculation.

Vistry has said it will cooperate fully with the investigation.

The Electoral Commission is also examining whether political donation rules were broken after Vistry hosted a drinks reception last summer for Labour MPs. The regulator told The Mail on Sunday its inquiries were ongoing.

Fitzgerald has come under fire for wielding too much power by combining the roles of chairman and chief executive, which goes against best boardroom practice.

He is being replaced as chairman by existing board member Rob Woodward, but will stay on as chief executive for another year or until a successor is found.

Vistry declined to comment.