Tommy Tainant
Diamond Member
BHS paid more than £25m to owner in 13 months before administration
This is really the biggest scandal to hit UK business since the Leyland scandal a few years back.
BHS is a rather dull but long established department store that has just gone into administration.
They might be saved but there are still big questions to be answered.
Firstly the employee pension fund has a shortfall of £586m . Put simply the company has not been paying in its contribution. Thousands of pensioners now face a blighted retirement.
Oddly enough the former owner "Sir" Philip Green has siphoned off dividends of around £571m in the last decade.
A year ago green sold the business for a pound last March. The new owner is a twice bankrupt Australian racing driver, Dominic Chappell. It emerges that following his £1 investment he has taken £25m from the business in the past year.
That is an unbelievably marvellous return on a £1 investment.
Creditors are looking at a return of 1p in the pound.
My prediction is that nothing will be done about this at all.
But its a fucking disgrace.
NB - Sir Philip Green is taking delivery of a new £100m yacht in the next few weeks.
This is really the biggest scandal to hit UK business since the Leyland scandal a few years back.
BHS is a rather dull but long established department store that has just gone into administration.
They might be saved but there are still big questions to be answered.
Firstly the employee pension fund has a shortfall of £586m . Put simply the company has not been paying in its contribution. Thousands of pensioners now face a blighted retirement.
Oddly enough the former owner "Sir" Philip Green has siphoned off dividends of around £571m in the last decade.
A year ago green sold the business for a pound last March. The new owner is a twice bankrupt Australian racing driver, Dominic Chappell. It emerges that following his £1 investment he has taken £25m from the business in the past year.
That is an unbelievably marvellous return on a £1 investment.
Creditors are looking at a return of 1p in the pound.
My prediction is that nothing will be done about this at all.
But its a fucking disgrace.
NB - Sir Philip Green is taking delivery of a new £100m yacht in the next few weeks.
