When the nation’s beloved British Home Stores (BHS) collapsed into administration in April it triggered a series of discussions that led to renowned retailer Philip Green (a man who was knighted in 2006) being hauled before MPs to answer questions.
The thrust of the argument is that in the period Green and his Arcadia Group owned BHS, between 2009 and 2015, he extracted money from the business in the form of generous dividends. This left the company with a significant pensions black hole when it was ultimately sold to a man synonymous with bankrupt businesses, Dominic Chappell, for £1.
Green has now been told to his face that his actions amounted to a “systematic plunder” of the BHS coffers and that he had a significant part to play in the company ultimately shutting up shop – leaving some 11,000 people without a job.
What happened next?
While there is a significant risk that Green will lose the knighthood he received for services to retail, there is also a suggestion that he’ll need to make good the pension shortfall. This is very much a wait and see situation.
Read on to find out about the football club owner, media tycoon, private equity heavyweight and charity ambassador.
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