Pounds 189,000 pay-off at Mosaic

BRIAN DISBURY has finally severed all ties with Mosaic Investments, clutching a pounds 189,000 cheque and driving away in his three-year-old Audi Quattro company car, writes John Shepherd.

Sue Bull, finance director of the mini-conglomerate with interests in engineering and packaging, said that Mr Disbury, having been removed as chairman in July, had now resigned as a director.

Mr Disbury, understood to have earned pounds 120,000 annually, was on a three-year rolling contract. His severance terms also included a pension package.

Greg Hutchings, who heads Tomkins Holdings, took over as non-executive chairman when Mr Disbury was voted off the board.

Shares in Mosaic, as high as 260p a year-ago, closed unchanged at their 1992 low of 90p.