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After BHS we have Arcadia. Bojo and Phil in happier times.
Philip Green up to his antics again
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I'm a wee bit baffled why Phill was reluctant to move with the times and continue his reliance on high street shoppers. Almost seems as if he wanted the empire to fail.
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Many businesses are failing as a result of the global pandemic and the worse recession for 100s of years. Plenty of people think they know how to run his business without the minerals to do half as good a job.
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Oddly, online businesses are booming as a result of the pandemic. Phill missed a trick there.
Probably would have trouble offloading High Street retail stores though.
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Many high street stores invested in their websites. Debenhams hardly did anything - assumed their main market would continue to go into shops, and ignored what competitors were doing for too long.
Shame to see 13,000 British jobs lost from an old British shop. Will probably be replaced with pound shops a Lidls.
Shame to see 13,000 British jobs lost from an old British shop. Will probably be replaced with pound shops a Lidls.
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£350m pension shortfall, on top he didnt move fast enough to address changing habits. Landlords
I suppose he could apply for a bounce back PPE Contract?
Looks like this will have a knock on effect on Debenhams.
I suppose he could apply for a bounce back PPE Contract?
Looks like this will have a knock on effect on Debenhams.
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Should we save them. More people work in Arcadia and Debenhams and they contribute more than the Fishing Industry. So why no love for them?
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it might be partly because he is not as clever as he thinks he is, and partly because a lot of people have heard about him and are not willing to be looted and left destitute by his cunning plans.
"Taveta Investments, acquired by Arcadia in 2002, is registered in the name of Green's wife.[42] As a Monaco resident, the company faces a significantly lower tax liability than if she were a UK resident.[43] When Green paid his family £1.2 billion in 2005, it was paid for by a loan taken out by Arcadia, cutting Arcadia's corporation tax as interest charges on the loan were offset against profits"
And of course, a company that has been looted and put into debt by its owners is pushed that little bit nearer to collapse.
Same thing happened to BHS.
"Green bought BHS for £200m in 2000, but the firm performed poorly so he sold it for just £1 in 2015. By April 2016 BHS had debts of £1.3bn, including a pensions deficit of £571m.[50] Despite the deficit of £571m, Green and his family collected £586m in dividends, rental payments and interest on loans during their 15-year ownership of the retailer. Referring to the conduct of Green, Angela Eagle, the shadow business secretary, said: "In this situation it appears this owner extracted hundreds of millions of pounds from the business and walked away to his favourite tax haven, leaving the Pension Protection Scheme to pick up the bill."[51]
Money flows to the business from the UK taxpayer
Money flows from the business to Green's family.
Money does not flow from Green's family to the UK taxpayer
"Arcadia Group publicly requested taxpayer help to cover the pay of the furloughed workers.[61]
It's a funny thing that some European countries announced that they would not be heaping taxpayers' money onto tax-dodgers. UK didn't.
Who's going to be left with the vast fortune, the vast yacht and the private jet?
The Greens.
And who's going to pick up the bills?
The UK taxpayer.
"Taveta Investments, acquired by Arcadia in 2002, is registered in the name of Green's wife.[42] As a Monaco resident, the company faces a significantly lower tax liability than if she were a UK resident.[43] When Green paid his family £1.2 billion in 2005, it was paid for by a loan taken out by Arcadia, cutting Arcadia's corporation tax as interest charges on the loan were offset against profits"
And of course, a company that has been looted and put into debt by its owners is pushed that little bit nearer to collapse.
Same thing happened to BHS.
"Green bought BHS for £200m in 2000, but the firm performed poorly so he sold it for just £1 in 2015. By April 2016 BHS had debts of £1.3bn, including a pensions deficit of £571m.[50] Despite the deficit of £571m, Green and his family collected £586m in dividends, rental payments and interest on loans during their 15-year ownership of the retailer. Referring to the conduct of Green, Angela Eagle, the shadow business secretary, said: "In this situation it appears this owner extracted hundreds of millions of pounds from the business and walked away to his favourite tax haven, leaving the Pension Protection Scheme to pick up the bill."[51]
Money flows to the business from the UK taxpayer
Money flows from the business to Green's family.
Money does not flow from Green's family to the UK taxpayer
"Arcadia Group publicly requested taxpayer help to cover the pay of the furloughed workers.[61]
It's a funny thing that some European countries announced that they would not be heaping taxpayers' money onto tax-dodgers. UK didn't.
Who's going to be left with the vast fortune, the vast yacht and the private jet?
The Greens.
And who's going to pick up the bills?
The UK taxpayer.
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He has online. But its difficult for retailers to compete with the like of Amazon. If a high street shop had this level of control, every lefty MP would be demanding a windfall tax on their super yachts.
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sera sera?
Philip Green was an asset stripper masquerading as a retailer.
Money that should have been invested to improve the business were diverted.
Arcadia group properties were sold off to holding companies and then rented back.
Because he had left a black hole in the BHS pension fund he used a crook to offload the company in an attempt to evade responsibility for the deficit.
He is similar to Robert Maxwell the pensions thief, Maxwell allegedly committed suicide by falling off his luxury Yacht and was rewarded with a state funeral in Israel.
Maybe Green should do the same.
Money that should have been invested to improve the business were diverted.
Arcadia group properties were sold off to holding companies and then rented back.
Because he had left a black hole in the BHS pension fund he used a crook to offload the company in an attempt to evade responsibility for the deficit.
He is similar to Robert Maxwell the pensions thief, Maxwell allegedly committed suicide by falling off his luxury Yacht and was rewarded with a state funeral in Israel.
Maybe Green should do the same.
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