Topshop owner Arcadia on brink of collapse
27/11/2020 | news | business | 583
The company could make an announcement as soon as Monday - putting 13,000 jobs at risk.
1
27/11/2020 11:37:31 38 4
bbc
I feel very sorry for those who work there and rely on their business, but doesn't this borrowing of such large amounts just delay the inevitable?
11
27/11/2020 11:42:43 17 4
bbc
not necessarily.
We could have a magic revival, unicorns, etc that will allow him to pay it back.
Or he could sell his businesses for £1, complete with debts, and pension deficits.
In the meantime, it will pay his weekly bills.
18
27/11/2020 11:43:54 5 1
bbc
It might not if part of the recovery plan means that the leech Green leaves the business.
192
27/11/2020 12:14:24 1 0
bbc
no, it provides an opportunity to ride out the storm to when the stores can trade again but the owner needs to pay the £30 mill. If he doesn't this is a message that will not be lost on potential lenders
408
27/11/2020 12:47:42 0 0
bbc
Sadly I think you are right. Mr Green aside I fear those shops are going to the wall sooner rather than later. No Christmas outfits, no office wear, no demand. They are not the first and won't be the last. It's tragic but it's the bleak future the country faces
2
27/11/2020 11:37:54 99 8
bbc
If Arcadia goes to the wall it'll stop Green and his Mrs dipping their fingers into the till!
39
27/11/2020 11:49:32 98 3
bbc
Too late for that. I should think they have already got far more than their greedy fat fingers need. And most of it tax fre
3
27/11/2020 11:37:58 430 12
bbc
But Green will be OK, won't he. Or does he face the appalling prospect of having to sell a yacht?
125
27/11/2020 12:04:57 72 548
bbc
Green is a hard worker and a self made man like myself. I wouldn’t sacrifice my hard earned money to save a business that’s been affected by this pandemic which is the fault of no one. Blame the government for these ridiculous lockdowns that were not needed
195
27/11/2020 12:14:52 2 0
bbc
Well said.
205
27/11/2020 12:15:52 16 0
bbc
It's one of the great myths that the rich get rich by sacrifice and risk. Name me one who has lost all their personal wealth when their businesses have crashed.

Trump has had 6 business bankruptcies (he reckons it should only count as 4 because one business has been bankrupt 3 times) and not lost a single personal penny.
207
27/11/2020 12:16:04 1 7
bbc
Do you think, that something you bought from your wages say ten years ago should be sold off to satisfy events now ? Whilst Green may own a given amount of shares in the company, he only makes a wage when the company makes a wage, likewise share holders, if you owned a share - do you think you should stump up cash now ?
237
27/11/2020 12:21:09 5 0
bbc
He's the epitome of a slime ball! He will let the business fail as it's no longer profitable and not lining his pockets any longer. It's merely loose ends to him now. He's siphoned off £millions to his wife in the tax haven Monaco. He could rescue the business with a mere £30m out of his own pocket but he won't as it has now served it's purpose!!!
238
Ed
27/11/2020 12:21:12 1 0
bbc
He should do a Robert Maxwell.
243
27/11/2020 12:22:16 1 0
bbc
You need to direct your comment to Mrs Green over in Monaco - she's the one with all the money ( tax scam)
356
27/11/2020 12:39:50 0 0
bbc
He could do a Maxwell.
359
27/11/2020 12:40:13 1 0
bbc
Green will be OK in the sense that he has assets/liquidity that won't be affected by this. But the collapse of Arcadia would wipe out most of his nominal "wealth" overnight.
Prick. Removed
376
27/11/2020 12:42:30 0 0
bbc
He wont have to sell it. His business is incorporated.
392
27/11/2020 12:45:51 0 1
bbc
He will be badly affected has his shareholdings become worthless and he loses the loans he has made to the company. He will keep whatever wealth he has not tied up in the business.
4
27/11/2020 11:39:36 363 6
bbc
Green has taken so much out of Arcadia - and its pension fund.

Just look what he did to BHS.

Who is going to trust him now?

A great shame for the staff.
64
27/11/2020 11:53:58 25 205
bbc
He may not be the sort of man one would wish to invite for dinner, but he did address the substantial matter of the BHS pension fund to the satisfaction of the authorities.
382
27/11/2020 12:43:49 6 0
bbc
He doesn’t see them as staff. More like servants.
5
27/11/2020 11:41:06 271 6
bbc
15,000 staff on a knife edge as Green and his Mrs sip champagne on his yacht in Monaco! Something just isn't right about this!
40
as
27/11/2020 11:49:32 7 94
bbc
Are you sure he isn't stuck indoors on lockdown like the rest of us?
155
27/11/2020 12:09:31 6 0
bbc
And I bet it isn't 15 quid a bottle chanpagne either
415
27/11/2020 12:48:09 1 5
bbc
You're right, the lockdowns! You make money while you can from a profitable business. You don't give it back when things go wrong, you close down. This is just one of thousands of businesses which the govt have forced to close. Although high street businesses were already floundering before the govt stepped in to twist the knife.
423
ed
27/11/2020 12:40:57 3 0
bbc
It's called capitalism.
447
27/11/2020 12:53:00 3 0
bbc
Yes you left out the caviar??
542
27/11/2020 13:08:55 0 0
bbc
It's called capitalism. And you're right, it isn't.
6
27/11/2020 11:41:12 32 3
bbc
Whatever happens to Arcadia you can bet your bottom dollar Phillip Green will come out smiling.
7
27/11/2020 11:41:14 223 8
bbc
Phil should use his own money!

The guys a billionaire.
16
OwO
27/11/2020 11:43:34 64 82
bbc
If it's not a viable business, why bother? You don't stay a billionaire by throwing good money after bad.
35
27/11/2020 11:48:36 5 15
bbc
Why? He can by now see no one wants shops any more. He will be losing a chunk of that wealth when it collapses too. These people do not have heaps of cash in a chest at home.
374
27/11/2020 12:42:04 1 0
bbc
Most billionaires are not. Except ,of course, there was that rather large dividend to his wife.
428
27/11/2020 12:49:31 0 0
bbc
Why? The businesses have had it.
8
27/11/2020 11:41:17 216 7
bbc
Phillip Green is worth over £2 billion yet he needs £30 million to save his business? No doubt when the goes belly up he will still come out smelling like roses, unlike his employees.
143
27/11/2020 12:07:58 83 5
bbc
All I smell from his 'leadership' is the same smell as I feed my pigs morning, I can hear him squealing with delight in my head
441
27/11/2020 12:51:25 1 0
bbc
His worth will be in shares, and those will be worth far less when the businesses fold. What he has got left he'll probably put into profitable concerns.
579
27/11/2020 12:21:21 0 0
bbc
The yachts etc are all in his wife’s name!
9
27/11/2020 11:41:36 9 5
bbc
Sadly it will put young people off working in retail. One bad apple and all that....
41
27/11/2020 11:49:34 5 3
bbc
Would you want your child to work in retail? I wouldn't, any more than I'd want to work in it myself, especially in things like clothing, that tends to be run by individuals of dubious honesty.
60
27/11/2020 11:53:10 1 1
bbc
there are more than one bad apple around.
10
27/11/2020 11:41:39 85 4
bbc
Ultimately Green will still have walked away with hundreds of millions of pounds and what with the public opinion of him now, will gladly slither off into obscurity.
26
as
27/11/2020 11:47:05 50 17
bbc
Will probably be given a peerage by this government.
56
27/11/2020 11:52:37 14 2
bbc
One downvote at time of writing, I see Sir Phillip reads HYS.
1
27/11/2020 11:37:31 38 4
bbc
I feel very sorry for those who work there and rely on their business, but doesn't this borrowing of such large amounts just delay the inevitable?
11
27/11/2020 11:42:43 17 4
bbc
not necessarily.
We could have a magic revival, unicorns, etc that will allow him to pay it back.
Or he could sell his businesses for £1, complete with debts, and pension deficits.
In the meantime, it will pay his weekly bills.
This country is doomed. I can't wait for the opportunity to leave this place for good. Thanks brexiters. Removed
34
27/11/2020 11:48:16 2 1
bbc
that was deep
43
27/11/2020 11:49:57 4 2
bbc
Missing you already!
83
27/11/2020 11:57:14 2 1
bbc
I don't think anybody is trying to stop you.
149
27/11/2020 11:50:52 1 0
bbc
This us about people losing their jobs and mismanagement and you're waffling on about the country being doomed. Their situation has nothing to do with brexit......So Go then, no-one here is stopping you or weeping
13
27/11/2020 11:43:07 290 6
bbc
“Sir Philip had been in talks with potential lenders about borrowing £30m to help the business through Christmas.”

Anything to avoid selling that £100m superyacht of his then, coupled with avoiding tax by being based in Monaco.
Removed
Removed
411
27/11/2020 12:38:48 8 1
bbc
Monaco? We've been told that the EU is a level plying field. Surely they aren't telling lies.
14
Ian
27/11/2020 11:43:16 34 1
bbc
Green is OK, as he has plenty of money.

It is the workers that will suffer and I feel sorry for them, but the closure of these brands will not hurt the economy and
the hard truth is that these brands have little value these days, Covid or NO Covid.
23
27/11/2020 11:45:44 16 1
bbc
Good point about NO Brand Value !
15
27/11/2020 11:43:28 92 3
bbc
£30 million is a mear fraction of the money his wife has taken out of Arcadia. She can put the money in from her short change. Q. So why are Banks been bothered ? She has the money already !
7
27/11/2020 11:41:14 223 8
bbc
Phil should use his own money!

The guys a billionaire.
16
OwO
27/11/2020 11:43:34 64 82
bbc
If it's not a viable business, why bother? You don't stay a billionaire by throwing good money after bad.
63
27/11/2020 11:53:55 28 3
bbc
Ok if its not viable then why ask for £30mill from anyone and just shut up shop. It is likely viable in the long run its just he doesn't want to use his (or his wife's) money to help get it through this crisis.
I suppose billionaires are billionaires because they are ruthless and we the consumer help them by consuming their products while at the same time ignoring their ethics.
Yet you borrow other peoples money for the same purpose?! Wow are you insane?! Removed
178
27/11/2020 12:13:05 5 0
bbc
Buying on line is now the norm due to this pandemic. The high street is doomed.
222
27/11/2020 12:18:26 7 1
bbc
Except that venture capitalists /asset strippers make their money by selling off assets, increasing debt ratios and syphoning money from pension funds - leaving the businesses they prey on vulnerable to a strong gust of wind never mind Covid. you know that 'saving for a rainy day' thing? yeah, they don't do that.
234
27/11/2020 12:20:50 10 1
bbc
Over the past 20 years retailers have sold off the property assets they used to own ( making oodles of one-off profits) and then rented them back at full market rates - so the retailer now has much higher fixed operating costs and finds it much more difficult to weather poor times. Behind most retail failures is a fat cat who walked away with full pockets and is now going' Who? Me?'
236
27/11/2020 12:21:00 2 4
bbc
Because it might be the right thing to do not just the thing that makes you the most money?
489
27/11/2020 12:59:01 2 0
bbc
Or by paying tax in the country that you make you money
494
27/11/2020 13:00:09 2 0
bbc
Because if Arcadia folds it may take several innocent creditor companies with it.
547
27/11/2020 13:09:28 2 0
bbc
Yet he expects others to do so, otherwise why is he asking for £30 million.
He's an amoral shyster.
553
27/11/2020 12:58:29 0 0
bbc
If he was seeking a loan, he considers it to be viable.
17
27/11/2020 11:43:49 99 3
bbc
No matter what happens.... Green will still be on Caviar for breakfast.
A true "peer of the realm"
1
27/11/2020 11:37:31 38 4
bbc
I feel very sorry for those who work there and rely on their business, but doesn't this borrowing of such large amounts just delay the inevitable?
18
27/11/2020 11:43:54 5 1
bbc
It might not if part of the recovery plan means that the leech Green leaves the business.
19
27/11/2020 11:44:38 412 9
bbc
So he is a billionaire who is asking others for £30m to keep open the shops which made him a billionaire?
28
27/11/2020 11:47:15 325 9
bbc
Green is one of those 'businessmen' who give business a bad name.
158
27/11/2020 12:09:48 8 4
bbc
Why not? Dick at Virgin did the same...
303
Sam
27/11/2020 12:30:28 9 0
bbc
There are no pockets in a shroud, he won’t be able to take his billions with him.
524
27/11/2020 13:04:26 6 0
bbc
If he believed that the businesses were viable he would invest his own money rather than ask others to risk their money
20
27/11/2020 11:44:48 34 3
bbc
For decades these old dinosaur businesses have lorded it over the high street, demanding rent reductions when times were hard, running up huge losses and then "restructuring" and starting again. It has stopped so many young, vibrant businesses from being able to compete. It's sad for the staff but I say let them go down and give a new generation a chance.
21
27/11/2020 11:45:12 27 2
bbc
If you are rich enough you can get away with it. I wonder where is Mr Green right now. Isolating in a foreign paradise worrying about his millions no doubt.
22
27/11/2020 11:45:19 51 3
bbc
Can't Green take the £30m out of the money he's taken from pension pots?
14
Ian
27/11/2020 11:43:16 34 1
bbc
Green is OK, as he has plenty of money.

It is the workers that will suffer and I feel sorry for them, but the closure of these brands will not hurt the economy and
the hard truth is that these brands have little value these days, Covid or NO Covid.
23
27/11/2020 11:45:44 16 1
bbc
Good point about NO Brand Value !
24
27/11/2020 11:46:03 163 3
bbc
If only Green could take a personal and heavy financial loss. Sad to say it will be the employees who suffer while he and his wife sail off into the land of plenty.
25
27/11/2020 11:46:26 15 4
bbc
Already struggling, i do not understand how these clever busnesmen keep imagining high street shops will survive moderity. Corvid has just dragged the future forward a few years. Got millions more out of their cars and high streets and on to the internet to shop properly.

Still they took a fortune from the taxpayer for furlough to delay the inevitable. Convert shops to houses.
557
27/11/2020 13:00:45 0 0
bbc
Uneducated spelling as well as ideas. If you convert shops to houses you will make him richer and most people would not wish to live in the high street. Internet shopping may be ok but is not suited to huge numbers of the population. Perhaps you are some kind of chancer also?
10
27/11/2020 11:41:39 85 4
bbc
Ultimately Green will still have walked away with hundreds of millions of pounds and what with the public opinion of him now, will gladly slither off into obscurity.
26
as
27/11/2020 11:47:05 50 17
bbc
Will probably be given a peerage by this government.
66
27/11/2020 11:54:11 12 3
bbc
Think even this Conservative government would balk at that, which is saying something...
296
27/11/2020 12:29:37 8 1
bbc
and a job in securing the next round of NHS PPE, alledgedly it pays well!
564
27/11/2020 13:19:05 1 0
bbc
He was knighted by LABOUR, so let's leave giving him a peerage to the same lumpen mess.
27
27/11/2020 11:47:14 31 2
bbc
Thought Phil had Billions

Just sell the Yacht
107
27/11/2020 12:01:40 10 0
bbc
Thats his money though.. Screw everyone else.
19
27/11/2020 11:44:38 412 9
bbc
So he is a billionaire who is asking others for £30m to keep open the shops which made him a billionaire?
28
27/11/2020 11:47:15 325 9
bbc
Green is one of those 'businessmen' who give business a bad name.
29
27/11/2020 11:47:28 23 2
bbc
"Sir" - outrageous.
30
27/11/2020 11:47:38 21 2
bbc
The man is a chancer and the business is not worth saving with him in charge, many like him who have drained the business of its profits need to reinvest their own cash. Cancel Boxing Day retail sales.
70
27/11/2020 11:54:54 7 1
bbc
Absolutely
31
27/11/2020 11:47:38 52 3
bbc
Don't worry because over the years we've had all the tax on dividends that Green's wife has had out of the Group. What she's a tax exile like him? Shysters the lot of them.

Still the Tories will put a stop to this when they get round to it I'm sure.......
69
27/11/2020 11:54:34 43 2
bbc
Story begs belief but barrow boys are barrow boys no matter how much your suit or Yacht costs!
76
27/11/2020 11:55:42 4 4
bbc
Some hopes, Brexit was all about Tory shysters frightened that the EU was going to make them pay tax on their off-shore wealth.
91
27/11/2020 11:58:56 5 2
bbc
Labour had years to deal with this, and they just ended up abusing the system themselves.
570
27/11/2020 13:20:49 2 0
bbc
Funny how Labour never managed it, especially multimillionaire Blair...
32
27/11/2020 11:47:48 133 5
bbc
A mere £30M, why that's just buttons. Can't understand why he just doesn't raid the pension fund. He normally does.
45
27/11/2020 11:50:08 99 3
bbc
He could just borrow it off his wife or sell one of his yachts.
54
27/11/2020 11:51:58 5 1
bbc
Or he could just sell a couple of his luxury yachts.
62
27/11/2020 11:53:39 9 1
bbc
Don't mention the Pension Basil and don't look at him either he don't like it!
241
27/11/2020 12:21:23 0 0
bbc
... i think you'll find out he already has..
33
27/11/2020 11:48:00 5 27
bbc
Brexit is a disgrace for business.
42
TV
27/11/2020 11:49:40 7 5
bbc
Right, all about Brexit, and nothing to do with world pandemic.
57
27/11/2020 11:52:50 5 1
bbc
Nothing to do with Brexit this just good ole fashioned fat Cat greed! The story of that business is a disgrace!
67
27/11/2020 11:54:12 3 1
bbc
How do you know we haven't even left yet.
87
27/11/2020 11:58:05 3 0
bbc
How is Covid to do with Brexit? Give your head a wobble.
This country is doomed. I can't wait for the opportunity to leave this place for good. Thanks brexiters. Removed
34
27/11/2020 11:48:16 2 1
bbc
that was deep
50
27/11/2020 11:51:36 1 3
bbc
Deep but not as deep as the s#>T the UK is under.
7
27/11/2020 11:41:14 223 8
bbc
Phil should use his own money!

The guys a billionaire.
35
27/11/2020 11:48:36 5 15
bbc
Why? He can by now see no one wants shops any more. He will be losing a chunk of that wealth when it collapses too. These people do not have heaps of cash in a chest at home.
124
djf
27/11/2020 12:04:53 8 1
bbc
He won't be losing a penny when it collapses. Ltd company isn't it!.
36
27/11/2020 11:49:08 21 2
bbc
Can anyone see a £1 sale coming on and not for the merchandise!
37
27/11/2020 11:49:11 34 3
bbc
First thoughts are with the normal workers and hopes they will be OK.
But let's not forget, Green and his wife (Lady Tina) have take huge dividends out of this group. In 2002, his dividend was £1,200,000,000. As usual, he wants other people to take the risk with their money so that he can keep his own.
285
27/11/2020 12:27:36 8 1
bbc
We (plebs) can see through his crooked book keeping, so why can't our government !!!!, and he's not alone.
38
27/11/2020 11:49:15 76 3
bbc
I'm sure we're not allowed to say whether or not we think Green and his missus are crooks or not. So I won't! But we are all allowed to think as we choose!
232
27/11/2020 12:16:03 21 3
bbc
Technically I am sure they are not. Arguably appalling human beings but not technically breaking any laws I am sure.
2
27/11/2020 11:37:54 99 8
bbc
If Arcadia goes to the wall it'll stop Green and his Mrs dipping their fingers into the till!
39
27/11/2020 11:49:32 98 3
bbc
Too late for that. I should think they have already got far more than their greedy fat fingers need. And most of it tax fre
5
27/11/2020 11:41:06 271 6
bbc
15,000 staff on a knife edge as Green and his Mrs sip champagne on his yacht in Monaco! Something just isn't right about this!
40
as
27/11/2020 11:49:32 7 94
bbc
Are you sure he isn't stuck indoors on lockdown like the rest of us?
344
CJ
27/11/2020 12:37:19 11 0
bbc
Yachts and Monaco both have indoors...
9
27/11/2020 11:41:36 9 5
bbc
Sadly it will put young people off working in retail. One bad apple and all that....
41
27/11/2020 11:49:34 5 3
bbc
Would you want your child to work in retail? I wouldn't, any more than I'd want to work in it myself, especially in things like clothing, that tends to be run by individuals of dubious honesty.
33
27/11/2020 11:48:00 5 27
bbc
Brexit is a disgrace for business.
42
TV
27/11/2020 11:49:40 7 5
bbc
Right, all about Brexit, and nothing to do with world pandemic.
This country is doomed. I can't wait for the opportunity to leave this place for good. Thanks brexiters. Removed
43
27/11/2020 11:49:57 4 2
bbc
Missing you already!
61
27/11/2020 11:53:12 1 3
bbc
I haven't left yet, having trouble with a little reading. Bless.
44
27/11/2020 11:50:00 8 1
bbc
Sad. But they were brittle before the crisis.
32
27/11/2020 11:47:48 133 5
bbc
A mere £30M, why that's just buttons. Can't understand why he just doesn't raid the pension fund. He normally does.
45
27/11/2020 11:50:08 99 3
bbc
He could just borrow it off his wife or sell one of his yachts.
46
27/11/2020 11:50:23 17 3
bbc
Sell the super yacht and save 15000 jobs .

Do something to get the workforce and company through these next few months . Then things will very gradually get better.
55
27/11/2020 11:52:16 13 2
bbc
But then where will he have to hide from the people that despise him?
47
27/11/2020 11:51:05 6 2
bbc
Borrowing money is a lead weight grasped by a drowning man. Basically they just take other people's money down with them. Haven't they taken enough from the taxpayer as furlough already?
48
27/11/2020 11:51:18 31 3
bbc
Green stole £500m from his employees pension fund, why doesn't he use some of that cash to bail out his business or better still just go out of business.
73
27/11/2020 11:55:14 18 2
bbc
Because it's one rule for him and his ilk and another for the plebs, as they see us.
49
27/11/2020 11:51:33 20 2
bbc
Not even a slim shady!...the bail out would only be 1.5% of his supposed wealth, it’s like a normal person having to shell £7k for a van so they can run their business.. must be difficult making a moral judgement.
197
27/11/2020 12:15:02 7 1
bbc
A good point and I would add it's not quite like a normal person as £7K could be £7K less to spend on essentials (food, heating etc) while £30M for Green is not coming out of the food budget, let's be honest. He may need to sell a property or stock or buy one less billionaire's toy.
34
27/11/2020 11:48:16 2 1
bbc
that was deep
50
27/11/2020 11:51:36 1 3
bbc
Deep but not as deep as the s#>T the UK is under.
51
27/11/2020 11:43:48 93 3
bbc
Just another day in the life of the Green family .
They couldn’t give a shiny shite let’s be honest .
It’s not going to cause them any financial hardship whereas the employees are looking at a bleak Christmas .
52
27/11/2020 11:44:14 18 2
bbc
£30m is a relatively small amount for a group of this size - if it cannot be easily raised and this fact ends up in the public domain, the collapse is inevitable.
53
27/11/2020 11:51:51 19 2
bbc
When Green’s wife bought the property and rented back to him brilliant move keep all the money in the family. Let it Go to
coin a phrase but feel sorry for the workers and their pensions! Don't mention the Pensions Basil Mr Green don't like it and don't look at him funny either!
312
27/11/2020 12:32:22 0 5
bbc
"Pensions Regulator said measuring the BHS deficit as £571m was not appropriate when working on a cash settlement because this figure is based on what the retirement scheme would have to pay an insurance company to guarantee its liabilities"
Dividends are legal/paid by all companies.

https://www.theguardian.com/business/2017/feb/28/philip-green-agrees-pay-363m-bhs-pension-fund

He has paid a lot
32
27/11/2020 11:47:48 133 5
bbc
A mere £30M, why that's just buttons. Can't understand why he just doesn't raid the pension fund. He normally does.
54
27/11/2020 11:51:58 5 1
bbc
Or he could just sell a couple of his luxury yachts.
46
27/11/2020 11:50:23 17 3
bbc
Sell the super yacht and save 15000 jobs .

Do something to get the workforce and company through these next few months . Then things will very gradually get better.
55
27/11/2020 11:52:16 13 2
bbc
But then where will he have to hide from the people that despise him?
10
27/11/2020 11:41:39 85 4
bbc
Ultimately Green will still have walked away with hundreds of millions of pounds and what with the public opinion of him now, will gladly slither off into obscurity.
56
27/11/2020 11:52:37 14 2
bbc
One downvote at time of writing, I see Sir Phillip reads HYS.
74
27/11/2020 11:55:33 10 2
bbc
They'll be 2 in minute when his wife has added hers.
33
27/11/2020 11:48:00 5 27
bbc
Brexit is a disgrace for business.
57
27/11/2020 11:52:50 5 1
bbc
Nothing to do with Brexit this just good ole fashioned fat Cat greed! The story of that business is a disgrace!
58
27/11/2020 11:52:57 3 19
bbc
You can't blame a guy for being rich, that way it's the politics of envy. He owns the company did you? It's his wife's company too I think as the dividends go to her, family business in the good time they made billions, employed thousands and had pop stars and models eating out of their hand, the coronavirus hit the business, not their fault, they will be back it's in their blood, best of luck..
72
27/11/2020 11:55:07 17 2
bbc
Sold BHS for £1 to a crook and bilked their pension scheme? What a great guy...
126
Al
27/11/2020 12:05:03 0 0
bbc
I think you might find that Lady G is the rich one; didn't she transfer herself and her tax domicile to Monaco and then ownership was transferred to her?
I am sure it was done out of love but it has avoided a lot of UK tax.
177
27/11/2020 12:12:43 0 0
bbc
You'll find she 'owns' it for tax avoidance purposes only. I'm not sure they talk to each other anymore?
Lady Greed, sorry, Lady Green could invest some of the £1 billion should took out in profits a few years ago, or has she spent it all? Removed
275
27/11/2020 12:26:07 21 1
bbc
Those lips must have cost £30
9
27/11/2020 11:41:36 9 5
bbc
Sadly it will put young people off working in retail. One bad apple and all that....
60
27/11/2020 11:53:10 1 1
bbc
there are more than one bad apple around.
43
27/11/2020 11:49:57 4 2
bbc
Missing you already!
61
27/11/2020 11:53:12 1 3
bbc
I haven't left yet, having trouble with a little reading. Bless.
32
27/11/2020 11:47:48 133 5
bbc
A mere £30M, why that's just buttons. Can't understand why he just doesn't raid the pension fund. He normally does.
62
27/11/2020 11:53:39 9 1
bbc
Don't mention the Pension Basil and don't look at him either he don't like it!
16
OwO
27/11/2020 11:43:34 64 82
bbc
If it's not a viable business, why bother? You don't stay a billionaire by throwing good money after bad.
63
27/11/2020 11:53:55 28 3
bbc
Ok if its not viable then why ask for £30mill from anyone and just shut up shop. It is likely viable in the long run its just he doesn't want to use his (or his wife's) money to help get it through this crisis.
I suppose billionaires are billionaires because they are ruthless and we the consumer help them by consuming their products while at the same time ignoring their ethics.
4
27/11/2020 11:39:36 363 6
bbc
Green has taken so much out of Arcadia - and its pension fund.

Just look what he did to BHS.

Who is going to trust him now?

A great shame for the staff.
64
27/11/2020 11:53:58 25 205
bbc
He may not be the sort of man one would wish to invite for dinner, but he did address the substantial matter of the BHS pension fund to the satisfaction of the authorities.
94
27/11/2020 11:59:19 67 0
bbc
To the satisfaction of the authorities, but it was still 300million shy of the amount he leached.... vile man is green....
129
27/11/2020 12:06:03 49 0
bbc
Perhaps, but only when threatened with his knighthood being withdrawn.
159
27/11/2020 12:09:52 35 0
bbc
Only because the authorities put pressure on him, and he would find resistance for any future deals he might undertake. Better to pay and save any further investigations into the assets his wife has stashed away in Tax Havens, assets from BHS and Arcadia. Nothing to do with doing the right thing.
206
27/11/2020 12:15:55 36 0
bbc
'did the bare minimum to avoid prosecution'
354
27/11/2020 12:39:47 3 0
bbc
Eventually.
358
27/11/2020 12:40:02 7 0
bbc
...only because he would have been stripped of his knighthood.
396
27/11/2020 12:46:21 6 0
bbc
But not to the satisfaction of the people who are bearing the pension loss. Directors who take dividends whilst pension funds are not being topped up are basically stealing from their employees
477
27/11/2020 12:56:53 4 0
bbc
He helped it out a bit. Still left it short though. And he probably only did that because he was afraid he'd lose his knighthood.
505
27/11/2020 13:01:39 5 0
bbc
This shows how weak the authorities are when it comes to big business
523
27/11/2020 13:04:22 3 0
bbc
You would need to check your pockets after that dinner.
571
27/11/2020 13:22:19 0 0
bbc
Try not to talk sense. Anyone who makes money during the glory years of retail is clearly an evil SPIV! And also don't quite get how pension forecasting works.
580
27/11/2020 14:35:13 0 0
bbc
The fact that the authorities had to get involved with HIS staff pensions at all should be reason enough for this 'business' man to be seen as reprehensible
65
27/11/2020 11:53:59 5 5
bbc
One of the problems for most retailers (and one that is largely hidden from the general shopping public) are the somewhat faceless landlords of the shops themselves. Unless the landlords themselves are in debt, I assume they continue to be racking it in. (I mean someone somewhere is hoovering up at the expense of many of us - the money's got to be somewhere, hasn't it!)
93
Al
27/11/2020 11:59:06 2 1
bbc
Those faceless landlords are, to a very large extent, our pension funds, our endowment policies, our investment funds, etc.
26
as
27/11/2020 11:47:05 50 17
bbc
Will probably be given a peerage by this government.
66
27/11/2020 11:54:11 12 3
bbc
Think even this Conservative government would balk at that, which is saying something...
33
27/11/2020 11:48:00 5 27
bbc
Brexit is a disgrace for business.
67
27/11/2020 11:54:12 3 1
bbc
How do you know we haven't even left yet.
68
27/11/2020 11:54:29 4 7
bbc
Before you get mouthy about Philip Green, spare a thought for the 15,000 people he employs and the pensioners who rely on the Arcadia pension scheme.

It's easy to be sniffy when it's not you that's affected.
80
27/11/2020 11:56:56 3 2
bbc
Why not do both?
271
27/11/2020 12:25:28 0 0
bbc
Indeed, the Green family agreed to pay £100 million to the pension scheme over 3 years to close the pensions funding hole, and additionally provided securities of £210m, this was agreed with the pensions regulator and the trustees in 2019.

They also gave £363 million cash to the Debenhams pension fund in 2017.

Yes, they got dividends, just like EVERY other shreholders in any business.
31
27/11/2020 11:47:38 52 3
bbc
Don't worry because over the years we've had all the tax on dividends that Green's wife has had out of the Group. What she's a tax exile like him? Shysters the lot of them.

Still the Tories will put a stop to this when they get round to it I'm sure.......
69
27/11/2020 11:54:34 43 2
bbc
Story begs belief but barrow boys are barrow boys no matter how much your suit or Yacht costs!
544
27/11/2020 13:09:15 1 0
bbc
Yep, a few mouthy crooks who were never "barrow boys" have soiled the history of all the honest,hard working real barrow boys etc who survived and serviced areas for decades,now folk they were all greedy crooks..
30
27/11/2020 11:47:38 21 2
bbc
The man is a chancer and the business is not worth saving with him in charge, many like him who have drained the business of its profits need to reinvest their own cash. Cancel Boxing Day retail sales.
70
27/11/2020 11:54:54 7 1
bbc
Absolutely
71
27/11/2020 11:54:58 22 2
bbc
Why doesn't "Sir" Phillip put his hand in his substantially deep pocket?
99
27/11/2020 11:59:55 10 1
bbc
Mrs Green has all the money and wouldn't want to spend it as she needs a bigger boat
574
27/11/2020 13:28:21 0 0
bbc
Why should he ?
58
27/11/2020 11:52:57 3 19
bbc
You can't blame a guy for being rich, that way it's the politics of envy. He owns the company did you? It's his wife's company too I think as the dividends go to her, family business in the good time they made billions, employed thousands and had pop stars and models eating out of their hand, the coronavirus hit the business, not their fault, they will be back it's in their blood, best of luck..
72
27/11/2020 11:55:07 17 2
bbc
Sold BHS for £1 to a crook and bilked their pension scheme? What a great guy...
123
27/11/2020 12:04:41 0 0
bbc
Business isn't meant to be pretty, it's a tough world out there get over it, he sold it then it was someone else's go, we need our big businessmen to keep Britain going, it trickles down to the masses we all benefit! Without them we'd all be poorer if your in business you'd know this! That's why the rewards are great for success as they're hard for failure, but these big guys keep us all afloat.
48
27/11/2020 11:51:18 31 3
bbc
Green stole £500m from his employees pension fund, why doesn't he use some of that cash to bail out his business or better still just go out of business.
73
27/11/2020 11:55:14 18 2
bbc
Because it's one rule for him and his ilk and another for the plebs, as they see us.
56
27/11/2020 11:52:37 14 2
bbc
One downvote at time of writing, I see Sir Phillip reads HYS.
74
27/11/2020 11:55:33 10 2
bbc
They'll be 2 in minute when his wife has added hers.
75
27/11/2020 11:55:37 2 2
bbc
I'm so sorry for all the employees, I had a close family member who worked at one of the shops until a few years ago. Regarding the owner, that's best left to any future enquiries but, as so often happens, I am not hopeful of a fair outcome.
31
27/11/2020 11:47:38 52 3
bbc
Don't worry because over the years we've had all the tax on dividends that Green's wife has had out of the Group. What she's a tax exile like him? Shysters the lot of them.

Still the Tories will put a stop to this when they get round to it I'm sure.......
76
27/11/2020 11:55:42 4 4
bbc
Some hopes, Brexit was all about Tory shysters frightened that the EU was going to make them pay tax on their off-shore wealth.
105
27/11/2020 12:01:05 2 1
bbc
Most of the remain campaign were Tories.
581
27/11/2020 14:36:31 0 0
bbc
Cool story bro...

Brexit was about leaving what is turning into a left wing superstate.
77
27/11/2020 11:55:59 3 7
bbc
Hello? City centre retail is dead in the water.

Covid is the final death nell for the out-of-date high street - online shopping offers better prices, convenience, free delivery on many items, to your door delivery and no seething masses to deal with, it's a complete no-brainer.

Shop keepers and retail staff wake up and go work for Amazon and the like, that's the future and the future is NOW.
170
27/11/2020 12:11:21 0 1
bbc
The high street isn't the problem and would have a future, rates, rents, car parking, out of town shopping centres, the commuter belt are the problem.
210
27/11/2020 12:16:19 0 0
bbc
Apart from personal health service businesses like Opticians, Dentists, Boots the Chemist, Coffee shops, Restaurants, the local newsagent, I'd tend to agree with you!

I hardy ever buy from high street shops.
78
27/11/2020 11:56:04 186 4
bbc
While I have complete sympathy for all those workers who may lose their jobs I have zero sympathy "Arcadia" and all those at the top who have creamed off the profits for decades and didn't give damn about ensuring the groups future as they were all too busy lining their own pockets...

Green is a self serving a/hole who unfortunately wont suffer in the slightest in this case...
79
27/11/2020 11:56:23 115 5
bbc
Who would lend £30M to a bloke that considers this amount as pocket change?

Clearly he doesn't want to risk his own money to sustain his own business.

Greed and corruption at their very best Sir Phil.
190
27/11/2020 12:14:17 2 59
bbc
Untrue.

The Greens agreed to pay millions into the business and pension fund.

https://www.theguardian.com/business/2019/jun/04/sir-philip-green-arcadia-pension-deficit-topshop
68
27/11/2020 11:54:29 4 7
bbc
Before you get mouthy about Philip Green, spare a thought for the 15,000 people he employs and the pensioners who rely on the Arcadia pension scheme.

It's easy to be sniffy when it's not you that's affected.
80
27/11/2020 11:56:56 3 2
bbc
Why not do both?
81
27/11/2020 11:56:58 1 7
bbc
This is because of the mistakes the goverment have made in supporting this crisis, they should have tried to freeze the economy, From April Onwards companies and businesses should have had zero liabilities, zero rent,utilities etc for the period but payment holidays on loans and mortgages with grants to cover additional interest
104
27/11/2020 12:00:48 1 0
bbc
So in other words, just pass the problem on to the other companies......
Genius NOT
141
27/11/2020 12:07:40 0 0
bbc
How would that work Craig? If my employer stopped paying me to zero its liabilities, would I jget free food from the supermarket? And would property rental companies with zero revenue get office supplies for free to set up home offices for their people? And with no one paying utilities, how would a water company get supplies to fix a burst main? Or would everyone need to borrow to cover costs?
154
27/11/2020 12:09:28 0 0
bbc
Shouldn't have locked down.
But the govt doesn't set the rents or control utilities.
Unfortunateley, our left to right politics sees the capitalists rely on govt handouts and socialists hoarding their wealth and not paying taxes and the middle-class coughing up for all of it.
We neither have a real capitalist or real socialist society and failed to create a a working hybrid of both.
180
27/11/2020 12:13:36 0 0
bbc
Pray tell how that works then, use gas/water/electric for nothing, pay nothing to pension funds who own tvast numbers of shares in uk businesses and a lot of the property business rents, pay nothing on mortgages... the economy would go bust and pensioners would starve in your plan.
82
27/11/2020 11:57:06 9 2
bbc
Feel very sorry for the employees that may lose their jobs, but not for 'Cur' Philip Green and his family - they'll be fine.
This country is doomed. I can't wait for the opportunity to leave this place for good. Thanks brexiters. Removed
83
27/11/2020 11:57:14 2 1
bbc
I don't think anybody is trying to stop you.
84
27/11/2020 11:57:16 26 2
bbc
Once again the hard workers suffer, when we all know Green has taken millions out of the business and nothing has been done about it. Why has the law never been changed. Money should never be taken out of a pension fund without consequences. If you rob a bank you go to jail. Steal from the workers and nothing happens
114
27/11/2020 12:03:31 10 4
bbc
Apart from "Common Law" the whole legal system, including the Police has been designed around protection of the elite and their wealth.

The Police force was conceived to make poorer people pay to protect the wealth of those individuals, because private protection was becoming expensive and in-effective.

The framing was "for the common good".
119
27/11/2020 12:03:56 2 0
bbc
Thhhhhhat's unfettered capitalism - Does sh*t like this happen in Germany were workers hold board seats? Asking for a concerned populace floating out into uncharted Americapitalist waters.... :/
127
27/11/2020 12:05:29 3 0
bbc
Got round to watching The IT Crowd, when Chris Morris/Reynholm is found thieving from the pension fund he leaps out the window ??
Can't see any real businessmen 'falling on their swords' these days.
167
27/11/2020 12:10:50 0 1
bbc
Untrue, the Arcadia pension fund is independent and run by trustees.

Green has done nothing but what every other shareholder anywhere is entitled to do in any company, and received dividends, legally.
Phillip Green agreed to put in more money in 2019.

https://www.theguardian.com/business/2019/jun/04/sir-philip-green-arcadia-pension-deficit-topshop

Shortfalls are due to bad investment decisions.
85
27/11/2020 11:57:42 6 6
bbc
Green is a proper Tory - crooked to the core
112
27/11/2020 12:03:21 2 0
bbc
https://www.google.com/amp/s/amp.theguardian.com/business/2016/apr/26/philip-green-blair-gave-him-a-knighthood-cameron-gave-him-a-job
Think you'll find he has little allegiance, except to who can give him money. Notice his empire has collapsed under the Tories, but not Labour?
86
27/11/2020 11:57:55 21 3
bbc
Its a crying shame the workforce will lose out, but to see Phillip Green fall will be priceless.
213
27/11/2020 12:16:38 12 1
bbc
Trouble is he won't fall. Greed and people like him are adept at stashing their ill gotten gains out of harms way. The only ones who will suffer are the workforce. The unacceptable face of capitalism.
33
27/11/2020 11:48:00 5 27
bbc
Brexit is a disgrace for business.
87
27/11/2020 11:58:05 3 0
bbc
How is Covid to do with Brexit? Give your head a wobble.
88
27/11/2020 11:58:07 12 1
bbc
Weird - Just watched 'Greed' yesterday ....
89
27/11/2020 11:58:26 8 2
bbc
Send back your title Tina
130
27/11/2020 12:06:11 2 1
bbc
I couldn't agree more, is stealing pensions a pre requisite for a knighthood.
90
27/11/2020 11:58:42 0 11
bbc
Well done Boris . another reason why lockdown should never have happened.
102
27/11/2020 12:00:19 0 0
bbc
Yeah, nothing to do with pensions, selling BHS for a pound and basically Mr Green thieving as much money as possible?
103
27/11/2020 12:00:45 0 0
bbc
Another foolish comment, grow up
128
27/11/2020 12:05:36 0 0
bbc
No, lockdown is necessary to save lives and the overwhelming of our NHS.

However the Tories for the last decade in power, haven't correctly taxed online shopping in order for them to then be able to reduce the fixed costs of actual physical stores.

They have ignored what was evident to many, and reported on, for year after year.
31
27/11/2020 11:47:38 52 3
bbc
Don't worry because over the years we've had all the tax on dividends that Green's wife has had out of the Group. What she's a tax exile like him? Shysters the lot of them.

Still the Tories will put a stop to this when they get round to it I'm sure.......
91
27/11/2020 11:58:56 5 2
bbc
Labour had years to deal with this, and they just ended up abusing the system themselves.
281
27/11/2020 12:27:24 1 1
bbc
Always somebody else's fault isn't it
92
27/11/2020 11:59:01 2 0
bbc
Although with no where to go out, no parties and most people homeworking, people are realising they don't need to buy loads of new clothes.
65
27/11/2020 11:53:59 5 5
bbc
One of the problems for most retailers (and one that is largely hidden from the general shopping public) are the somewhat faceless landlords of the shops themselves. Unless the landlords themselves are in debt, I assume they continue to be racking it in. (I mean someone somewhere is hoovering up at the expense of many of us - the money's got to be somewhere, hasn't it!)
93
Al
27/11/2020 11:59:06 2 1
bbc
Those faceless landlords are, to a very large extent, our pension funds, our endowment policies, our investment funds, etc.
64
27/11/2020 11:53:58 25 205
bbc
He may not be the sort of man one would wish to invite for dinner, but he did address the substantial matter of the BHS pension fund to the satisfaction of the authorities.
94
27/11/2020 11:59:19 67 0
bbc
To the satisfaction of the authorities, but it was still 300million shy of the amount he leached.... vile man is green....
95
27/11/2020 11:59:34 5 2
bbc
My thoughts go out to the people who are going to lose their jobs. Just like the people in the hospitality sector, gyms, SME's, children and parents who's lives have been devastated. Those who are making the decisions, never shoulder the burden. I live in Birmingham and I went for a jog yesterday, seeing all those shops closed and the impact it is having, I went home and cried.
96
27/11/2020 11:59:34 1 1
bbc
No doubt he will still be very wealthy, he puts his money in his wife’s name.
97
27/11/2020 11:59:39 8 1
bbc
Good riddance to Philip Green, nasty little man who dumped BHS, feel sad for the employees though.
220
27/11/2020 12:18:11 0 1
bbc
And so say all decent people.
98
27/11/2020 11:59:45 1 1
bbc
Why havn't these huge department stores that made vast profits in the past built and owned their own stores.
71
27/11/2020 11:54:58 22 2
bbc
Why doesn't "Sir" Phillip put his hand in his substantially deep pocket?
99
27/11/2020 11:59:55 10 1
bbc
Mrs Green has all the money and wouldn't want to spend it as she needs a bigger boat
100
27/11/2020 12:00:01 7 1
bbc
Ahhh CVA last year.... So it was already failing but let's blame Covid for ineptitude eh....