​The former boss of Chelsea Building Society – which is expected to shed jobs after a proposed merger with a rival – left his post with a £485,000 pay-off, it has emerged.

Accounts for the society – which employs 700 people in the county – reveal Richard Hornbrook was handed £288,641 when he left his post last year.

This, in addition to his pension of £194,000, saw the 56-year-old former chief executive leave struggling Chelsea with an almost half-million pound payday.

The news has angered some workers at Chelsea, which may be cutting jobs in Cheltenham as it completes its proposed merger with Yorkshire Building Society - subject to the merger gaining Financial Services Authority approval.

Chelsea has so far been unable to confirm how many jobs may go when the merger begins on April 1, subject to approval by the FSA.

The decision to merge the Chelsea was taken amid the national recession and following losses the society sustained in collapsed Icelandic banks.

Last month Chelsea posted a pre-tax loss of £27.1 million for its final year as an independent building society.

According to the Mail on Sunday, of the 17 accounts filed by 52 building societies nationally so far, 11 chief executives saw their pay increase last year – headed by Mr Hornbrook who left Chelsea in August.

His total remuneration of £485,000 was boosted by a £288,641 payment for early termination of his contract-in effect 12 months’ salary.

Chelsea spokesman Gethin Evans said: “Our former chief executive Richard Hornbrook left by mutual consent in August 2009 after 26 years’ service. Richard received a termination payment in line with his contractual rights and did not receive a merger bonus.”

Earlier this month, Chelsea revealed three of its five directors would leave their posts when the Yorkshire merger is finalised.

Interim chief executive Stuart Bernau, director of resources Peter Ford and director of customer services Darren Stevens will leave on April 1.

Yesterday it was confirmed sales director Gary Pickering will leave, while discussions continued on the future of Mark Jenkins, director of strategy.

Mr Hornbrook was unavailable for comment.