Bosses at a Barrow-based shipping firm have taken a paycut to prevent any impact on staff salaries.

All eight James Fisher & Sons board directors will take a 20 per cent cut of salaries and fees amid the coronavirus pandemic.

Final dividends for last year have also been suspended.

In a statement, the firm’s chief executive Eoghan O’Lionaird said: “Whilst group trading in the first two months of 2020 is ahead of prior year, the potential impact of COVID-19 is difficult to predict with any degree of certainty.

“Given this position, we have proactively taken steps to reduce costs, to optimise cash flow and to protect liquidity.

“These actions include the deferral of discretionary capital expenditure; a hiring freeze; and, with effect from April 1 2020, the salaries and fees of each member of the James Fisher Board will be reduced by 20 per cent.”