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Philip Green is urged to use his millions to ensure workers' pensions are paid


A former Marks & Spencer boss said the overthrow of Sir Philip Green's Arcadia Group was "a lesson in what happens if you don't stay relevant".

Lord Stuart Rose said he was "afraid to ponder" what would have happened if Sir Philip bought M&S ​​in 2004 – when the Tory Life peer was the chief executive of the UK retailer.

The Arcadia Group, which includes TopShop, Dorothy Perkins and Miss Selfridge, will collapse in a matter of days, putting 13,000 jobs at risk.

Lord Rose, who was knighted in 2008, told Radio 4's Today Program that Sir Philip's Arcadia Group was on the verge of collapse because the business tycoon had not switched from analog to digital quickly enough.

He added, “I suppose that's probably because there hasn't been enough investment in the business in the last 10 to 15 years, and that's why we've ended up where we ended up this morning.

"I'm only grateful for one thing: I'm grateful we didn't sell Marks & Spencer to Philip Green in 2004 because I'm scared to think about what might have to do with this business today."

“I'm not someone who demonizes people. Philip has done some good things in his day and has had some difficult situations. I'm sure if he wanted to play the record again he could play it differently himself. & # 39;

Former boss of Marks & Spencer Lord Stuart Rose

Former Marks & Spencer boss Lord Stuart Rose (right) said Sir Philip Green's Arcadia Group (left) is on the brink of collapse because the business tycoon has not moved from an analog to a digital world quickly enough.

Sir Philip Green, pictured on his £ 100 million superyacht earlier this week, has the prospect of his Arcadia group breaking into administration on Monday, putting 13,000 jobs at risk this weekend

Sir Philip, pictured on his £ 100million superyacht earlier this week, faces the prospect of his Arcadia group breaking into administration on Monday, putting 13,000 jobs at risk this weekend

Sir Philip has been asked to use the millions he has earned from Arcadia to ensure that the pensions of the workers standing before the ax are paid in full.

The group currently has 10,000 employees in its £ 350m pension scheme, and if the company appoints Deloitte administrators as planned next week, the state-run Pension Protection Fund could be forced to step in.

His intervention could cause members to lose between a fifth and a quarter of the pension benefits promised under the Arcadia scheme.

Lord Field of Birkenhead – a longtime pension fighter and former MP – asked Sir Philip to "pay in full" the costs.

Sir Philip Green - pictured with Kate Moss - has been asked to use the millions he has earned from his high street fashion empire, Arcadia, to ensure that the pensions of the workers standing before the ax are paid in full

Sir Philip and Naomi Campbell

Sir Philip Green – pictured with Kate Moss (left) and Naomi Campbell (right) – has been asked to use the millions he has earned from his high street fashion empire Arcadia to ensure that the pensions of workers who stand in front of the ax, get paid in full

Lord Field of Birkenhead - a longtime pensioner and former MP - asked Sir Philip to "pay in full" the cost of the pensions.

Lord Field of Birkenhead – a longtime pension fighter and former MP – asked Sir Philip to "pay in full" the cost of the pensions.

He was part of the committee that asked Sir Philip about the BHS Pension Fund debacle in 2016.

Lord Field told The Times: “When Sir Philip Green appeared at the house, he said that his workers were part of his family.

These workers paid Lady Green the largest dividend in British history. It is time for family members to get their pensions paid in full. & # 39;

Sir Philip's wife Tina received a staggering £ 1.2 billion dividend from his Arcadia retail empire in 2005 – three years after she became the owner. Sir Philip acquired Arcadia in 2002 for £ 850 million.

His family ranks 154th on the Sunday Times Rich List with a net worth of £ 930 million.

In 2016, Retail Acquisitions, which had bought BHS from Sir Philip a year earlier, called the Pension Fund because it wasn't generating enough money to fill a £ 571million gap.

Green, whose family ranks 154th on the Sunday Times Rich List with assets of £ 930 million, acquired Arcadia in 2002 for £ 850 million

Green, whose family ranks 154th on the Sunday Times Rich List with assets of £ 930 million, acquired Arcadia in 2002 for £ 850 million

A notice on the window of the flagship Topshop and Topman Store on Oxford Street informed customers about the latest developments from the Arcadia Group

A notice on the window of the flagship Topshop and Topman Store on Oxford Street informed customers about the latest developments from the Arcadia Group

Sir Philip and his wife Lady Tina are believed to be "discreetly seeking buyers" for their £ 10 million Mayfair mansion

Sir Philip and his wife Lady Tina are believed to be "discreetly seeking buyers" for their £ 10 million Mayfair mansion

The separate pension regulator can compel a former owner of a company to cover costs if it can be shown that attempts have been made to avoid or not comply with legal obligations.

Sir Philip was forced to spend £ 363 million following a lawsuit.

However, the regulator, believed to be closely monitoring the situation, may struggle to prove that Sir Philip tried to specifically avoid making payments to the Arcadia group.

Sir Philip and Lady Green discreetly sound out buyers in a magnificent townhouse in Belgravia, one of London's most exclusive enclaves.

She is believed to have spent millions renovating the property, with planning requests for lowering the basement, installing a glass roof and a new roof terrace.

Sir Philip is also leaving his luxurious suite at the five-star Dorchester Hotel and is said to have laid down his personal security quota.

The impending collapse, allegedly after Sir Philip failed to obtain a £ 30 million emergency loan to keep the retail giant alive, puts its 13,000 employees at risk four months after 500 jobs at its headquarters were closed.

Usdaw union leaders said it was "a devastating blow to Arcadia workers and could not have come at a worse time, just before Christmas," adding that they were seeking urgent meetings with management.

The group's management insisted yesterday that the pandemic was responsible for the company's plight. Yet the business - like Green himself - looked like a spent force long before the virus broke out

The group's management insisted yesterday that the pandemic was responsible for the company's plight. But the business – like Green himself – looked like a spent force long before the virus broke out

And Julie Palmer, partner at restructuring firm Begbies Traynor, said: "The mood music suggests that Sir Philip Green has used up his last lifeline and that administration may be the inevitable target for Arcadia."

Creditors are expected to have a rush to secure corporate assets when bankruptcy is formally filed.

Arcadia Group said it was working on "emergency options" to secure the group's future and expected their stores to reopen next week when the UK government's last four-week lockdown ends.

England is in the middle of a lockdown due to the pandemic that has forced the closure of all stores selling items that are not considered essential. The block will expire next Wednesday, when all shops are allowed to reopen.

An Arcadia spokesman also admitted that the "forced shutdown of our stores for extended periods of time as a result of the Covid-19 pandemic had a significant impact on trade in our businesses".

The 550 stores will reopen after the UK's second lockdown is lifted – before a busy Christmas season.

News that his company is on the verge of collapse comes amid revelations that Sir Philip Green has been planning a Christmas vacation to an island in the Maldives that costs £ 30,000 a night.

He will be sunbathing at Reethi Rah Resort during the holiday season.

Former BHS employee Lin MacMillan told The Mirror, “This is going to go down like a lead balloon with Arcadia employees. It's like sticking two fingers up. & # 39;

Another, Hannah Cullen, added, “It's so insensitive. He's not in control of reality, he's living in a bubble. & # 39;

Earlier this week, Green was shown wrapped in a fur coat as he lay on the deck of a superyacht off Monaco.

Past A-list guests in the Maldives include Chelsea football club owner Roman Abramovich and Hollywood stars Tom Cruise and Russell Crowe. In the picture Reethi Rah

Past A-list guests in the Maldives include Chelsea football club owner Roman Abramovich and Hollywood stars Tom Cruise and Russell Crowe. In the picture Reethi Rah

Max Irons, Cara Delevingne and Sir Philip at a TopShop opening in New York in 2014

Max Irons, Cara Delevingne and Sir Philip at a TopShop opening in New York in 2014

Past A-list guests in the Maldives include Chelsea football club owner Roman Abramovich and Hollywood stars Tom Cruise and Russell Crowe.

Former footballer David Beckham and chef Gordon Ramsay are said to have spent several New Year breaks at the resort with their families.

The Beckhams are said to have paid £ 250,000 for an 11 night celebratory stay.

In what is possibly the largest collapse of the coronavirus pandemic in Great Britain to date, the Arcadia Group will appoint Deloitte administrators as early as next Monday, although the plans could still be delayed.

The revelations came to light on Black Friday as non-essential retailers in England remained closed while the four-week lockdown continued. The crisis had already resulted in 250,000 job losses or possible layoffs.

The move, allegedly after Sir Philip failed to get a £ 30 million emergency loan to keep the retail giant alive, puts its 13,000 employees at risk four months after shedding 500 jobs at its headquarters.

Usdaw union leaders said it was "a devastating blow to Arcadia workers and could not have come at a worse time, just before Christmas," adding that they were seeking urgent meetings with management.

And Julie Palmer, partner at restructuring firm Begbies Traynor, said: "The mood music suggests that Sir Philip Green has used up his last lifeline and administration may be the inevitable target for Arcadia."

Arcadia Group said it was working on "emergency options" to secure the group's future and expected their stores to reopen next week when the UK government's last four-week lockdown ends.

England is in the middle of a lockdown due to the pandemic that has forced the closure of all stores selling items that are not considered essential.

The block will expire next Wednesday, when all shops are allowed to reopen.

An Arcadia spokesman also admitted that the "forced shutdown of our stores for extended periods of time as a result of the Covid-19 pandemic had a significant impact on trade in our businesses".

Today, shortly before 4 p.m., ITV Business Editor tweeted Joel Hills Said: & # 39; I just got off the phone with Mike Ashley who told me he was interested in a deal to take over the Arcadia group. He says he's interested in all brands. & # 39;

In March 2019, Mr Ashley told the Times that he would not buy Sir Philip's Arcadia group for even a pound, quelling speculation that he was considering an acquisition or partnership with a private equity firm.

Shipwreck: Sir Philip Green is sitting on his super yacht in front of Monaco when the high street fashion empire Arcadia hits the rocks … and he's already dropping his billionaire balls

By Ruth Sunderland and Richard Eden for the Daily Mail

Sir Philip Green soaks up the sun on his £ 100 million superyacht under a fur-lined blanket and doesn't seem to care about the world.

That picture was taken in Monaco this week before it was revealed yesterday that its retail empire was on the verge of collapse, putting 13,000 jobs at risk.

The 68-year-old tycoon's Arcadia Group, which includes Topshop, Burton, Dorothy Perkins and other brands, is in crisis talks and could appoint administrators as early as Monday if a bailout is not agreed.

Sir Philip Green, pictured on his £ 100 million superyacht earlier this week, has the prospect of his Arcadia group breaking into administration on Monday, putting 13,000 jobs at risk this weekend

Sir Philip Green, pictured on his £ 100 million superyacht earlier this week, has the prospect of his Arcadia group breaking into administration on Monday, putting 13,000 jobs at risk this weekend

Sir Philip pictured has refused to comment on allegations that talks with lenders collapsed with a spokesman who indicated that a number of options were still being worked on

Sir Philip pictured has refused to comment on allegations that talks with lenders collapsed with a spokesman who indicated that a number of options were still being worked on

Yesterday a spokesman insisted that a number of options were still being worked on but declined to comment on allegations that talks with lenders collapsed.

The turmoil marks a new low for Green, the daring businessman who was once dubbed the "King of the High Street" and is now fighting to save his business.

It could be the biggest collapse in the retail pandemic to date, with unions saying it "couldn't come a worse time" for employees.

Arcadia’s 550 stores are expected to remain open even after the company enters the administration, so they can trade during the holiday season before being dismantled and sold in the new year.

The administration threat follows his decision to sell the BhS department store chain to serial bankruptcy administrator Dominic Chappell for just £ 1 in 2015. The deal sparked a storm of controversy and the retailer collapsed just a year later.

It sparked a longstanding argument between Green and the Pension Commissioner over who would poke a mountainous hole in the BHS pension system, and the tycoon eventually agreed to cough up £ 360 million.

The Arcadia Group could enter administration on Monday if a bailout deal is not agreed that puts 13,000 jobs at risk

The Arcadia Group could enter administration on Monday if a bailout deal is not agreed that puts 13,000 jobs at risk

Green, whose family ranks 154th on the Sunday Times Rich List with assets of £ 930 million, acquired Arcadia in 2002 for £ 850 million.

Just three years later, he paid his wife Tina Green what was then the largest dividend of all time – an unbelievable 1.2 billion pounds – and earned the so-called "fastest billion in history".

He's splashed some of his massive fortune on a £ 46million Gulfstream jet and the £ 100million superyacht Lionheart on which he was pictured this week. At 295 feet long, the ship has a helipad, swimming pool, three elevators and six luxury cabins and a crew of 40.

When Sir Philip was at the head of his retail empire in London during his working week, he stayed for years in a luxurious suite at the five-star Dorchester Hotel.

Every Friday he flew his jet to Monte Carlo to spend the weekend with Tina, her yapping dogs, and the rest of his family, hopping around on Lionheart.

But now the man who once drove the High Street like a squat colossus is licking his wounds.

He has given up his opulent rooms at the hotel that has been his base in the British capital for more than a decade.

Green, whose family ranks 154th on the Sunday Times Rich List with assets of £ 930 million, acquired Arcadia in 2002 for £ 850 million

Green, whose family ranks 154th on the Sunday Times Rich List with assets of £ 930 million, acquired Arcadia in 2002 for £ 850 million

It was here, at the hotel on Park Lane, that he held his 65th birthday party three years ago.

The Shindig was a subdued affair for family and friends, at least by its standards, overshadowed by the dispute over his sale of BHS.

Not that he had any choice in leaving The Dorchester. Due to the Covid blocking, it was no longer possible to keep the suite in the hotel. The virus, friends say, is also behind the possible collapse of Arcadia. They add that Green is "terribly sad" about the situation.

"It's been a long journey," said one. “The breakdown is very much about Covid. What else can you expect after having 500 stores banned for months? "

The once boastful mogul has told friends that he will send each employee a letter thanking them for everything they have done for the company and that he is "very hopeful" that the company will find a buyer.

He also hopes Arcadia will cover the pension fund deficit.

A notice on the window of the flagship Topshop and Topman Store on Oxford Street informed customers about the latest developments from the Arcadia Group

A notice on the window of the flagship Topshop and Topman Store on Oxford Street informed customers about the latest developments from the Arcadia Group

Ms. Tina, the official owner of its retail interests, has invested £ 50 million and pledged an additional £ 50 million. The fund has an additional right to assets of over £ 185 million so it hopes the entire shortfall will be covered.

Green not only cannot stay at the Dorchester, but is also said to have put down his personal security quota. After BHS collapsed and lost 11,000 jobs, the guards were needed to protect him from the unfortunate.

The garages in Camden, north London, where he kept his fleet of luxury cars, were apparently sold to developers.

He and Lady Green are also asked to discreetly sound out buyers for a magnificent townhouse in Belgravia, one of London's most exclusive enclaves.

She is believed to have spent millions renovating the property, with planning requests for lowering the basement, installing a glass roof and a new roof terrace.

Could the Arcadia collapse, which is expected to be officially confirmed next week, now drive the Greens out of the UK?

Friends say there is no question he is leaving his homeland.

In truth, Green, who despite being told to take his honor away, has retained his knighthood, has spent very little time here for several years. He is no longer involved in the day-to-day running of his troubled British fashion companies, and he and Tina are treated by many as social parias.

On the last occasion we spoke to him personally, he confided that he had become a hermit and was forced to hire a bodyguard for Tina when she is in London.

After being verbally abused about BHS in a restaurant, he said, “I've decided not to go out … it's devastating. I do not go anywhere. "

However, let's not get the violins out too quickly. He doesn't like eating out much, but Green is still a bad-mouthed phone calling practitioner. A few days ago, he found time to scold a colleague in an intimidating manner, through a few lines in an article from which the fashion mogul had made an exception.

The humiliation of Green is one of the most spectacular falls in British corporate history.

He and Tina are now indulging in life in a gilded cage on board their floating gin palace.

Sir Philip and his wife Lady Tina are believed to be "discreetly seeking buyers" for their £ 10 million Mayfair mansion

Sir Philip and his wife Lady Tina are believed to be "discreetly seeking buyers" for their £ 10 million Mayfair mansion

Sources close to the couple say the only London asset they keep is their office on George Street, the headquarters of Argent, Tina's interior design firm.

Lady Green is said to have told close friends that she was shunned in the snootier neighborhoods of society and is said to have worried about her husband's health after years of heart trouble.

At the moment the couple will be spending their time in Monaco and traveling the Mediterranean. The sight of a stocky green on deck with a tanned bare chest looking for the whole world like a bronzed roast chicken is a familiar one.

He and Tina were swimming around the Mediterranean on the deck of his yacht in the fateful summer of 2016 when BHS went down and the paparazzi were on the hunt.

But not only parts of London were undesirable. Friends say he also refused to go to America, where he has a luxurious home on the premises of an expensive health spa in Arizona, after he was accused of slapping and packing on the buttocks of a personal trainer at the resort. Sir Philip vigorously denied the allegations.

A US judge dismissed the case against him for alleged fumbling in January after his accuser, 38-year-old Katie Surridge, decided not to appear in court.

This unsavory episode could be behind him and his descent from King Midas of the high street could be cushioned by living in a mild tax haven.

The group's management insisted yesterday that the pandemic was responsible for the company's plight. Yet the business - like Green himself - looked like a spent force long before the virus broke out

The group's management insisted yesterday that the pandemic was responsible for the company's plight. But the business – like Green himself – looked like a spent force long before the virus broke out

However, given the Greens' business record, there is a risk that they will be socially distanced from the jet set whose company they have sought for so many years.

Green himself is notoriously thin-skinned towards those who dare to voice the slightest criticism of him or his business practices.

But it's likely that Tina, spied on at the most exclusive parties in Monaco, feels the sting of marginalization the most.

On happier days, she hooked up with the Monaco royal family, movie star Robert Redford, and other VIPs at lavish charity evenings in the principality.

The Greens have a penthouse in the Le Rocabella building on Princesse Grace Avenue, one of the most expensive streets in the world. Green does not apologize for his and Tina's wealth, and the couple dismiss critics as "jealous". Arcadia's implosion has been a long time coming, but there is no doubt that it will be a bitter blow to Green. Of course, any pain the Greens feel is nothing compared to the shock and anger of the normal Arcadia staff.

The group's management insisted yesterday that the pandemic was responsible for the company's plight. But the business – like Green himself – looked like a spent force long before the virus broke out.

It had already been included in a voluntary corporate agreement, a form of bankruptcy that allows a company to keep acting in hopes of getting out of trouble. As part of this, Green had launched a £ 135million last ditch plan to save the business, which had seen profits plummet before the pandemic.

Und trotz der Zusicherungen von Lady Green im letzten Jahr gibt es angesichts der Geschichte mit BHS immer noch Bedenken hinsichtlich des Defizits der Arcadia-Pensionsfonds von rund 300 Millionen Pfund. Aber nicht nur seine geschäftlichen Angelegenheiten sind in Bedrängnis geraten – Sir Philip hatte auch in seinem Privatleben Probleme.

Bis zur Pandemie hielt Sir Philip eine Luxus-Suite im abgebildeten Dorchester Hotel

Bis zur Pandemie hielt Sir Philip eine Luxus-Suite im abgebildeten Dorchester Hotel

Die 29-jährige Tochter Chloe hat sich letztes Jahr von Jeremy Meeks (36) getrennt. (Ein Trost, den Green genossen hat, ist die Freude, die er von ihrem Kind, seinem ersten Enkel, dem zweijährigen Jayden, bekommt. Jayden ist seine Hauptquelle der Freude in einem sehr dunklen Moment ', sagte ein Freund.)

Green wurde in diesem Jahr auch sexueller Belästigung und Rassismus gegenüber seinen Mitarbeitern beschuldigt.

Der darauffolgende Skandal führte zum Verlust mehrerer weiblicher Helfer, darunter Karren Brady, die Vorsitzende der obersten Muttergesellschaft von Arcadia gewesen war.

Green bestritt "jegliches rechtswidriges rassistisches oder sexistisches Verhalten" und gab schließlich einen Kampf auf, um die Vorwürfe über die Vorwürfe aufrechtzuerhalten.

Wer weiß, was Tina daraus gemacht hat oder was sie aus dieser jüngsten Katastrophe machen wird: Unabhängig von den Schwierigkeiten des Paares schienen sie sich immer zumindest treu zu sein.

Das Paar hat jetzt genügend Zeit, um vom Deck seiner Yacht aus über seine glorreichen Tage nachzudenken – längst vergangene Tage.

Das Arcadia-Mode-Lehen wird jetzt wahrscheinlich von einem seiner Rivalen, wie dem Sports Direct-Besitzer Mike Ashley, der zugegebenermaßen selbst Probleme hat, zu einem Schnäppchenpreis aufgekauft.

Das wäre eine ziemliche Umkehrung, da Green seit langem eine freundschaftliche Rivalität mit der jüngeren Ashley hat. Die beiden nennen sich "Big Emp" und "Little Emp" – kurz für "Emperor".

Green begann als Big Emp, aber seine Macht nimmt rapide ab. Unabhängig von seinem verbleibenden Vermögen ist dies ein bitterer Schlag für den Stolz eines Mannes, der seine ausgelassene Einzelhandelsreise begann, als er 1979 sein erstes Geschäft in der 41 Conduit Street in London aufnahm.

Die Aktie wurde zu einem Tiefstpreis von 10 Pence pro Pfund von einer bankrotten Kette namens Originelle gekauft.

Nun scheint sich das Rad zu schließen.

Wie verlief der Zusammenbruch von BHS? Zeitleiste des High Street Skandals

2000: Sir Philip Green kauft British Home Stores für 200 Millionen Pfund. Es wird in BHS umbenannt.

2002: BHS wird Teil des Arcadia-Einzelhandelsimperiums, nachdem Sir Philip 840 Millionen Pfund für die Bekleidungskette bezahlt hat, zu der Topshop, Dorothy Perkins und Burton gehören.

2005: Der Laden verliert langsam an Tempo, da er gegen billigere Konkurrenten wie Primark antritt.

Sir Phillip Green sitzt Kate Moss mit ihrer Schwester Lottie in der Herbst / Winter 2014/15 Kollektion Unique by Topshop, die auf der London Fashion Week gezeigt wird

Sir Phillip Green sitzt Kate Moss mit ihrer Schwester Lottie in der Herbst / Winter 2014/15 Kollektion Unique by Topshop, die auf der London Fashion Week gezeigt wird

2014: BHS-Kaufhäuser beginnen mit dem Verkauf von Lebensmitteln mit dem Ziel, dass diese bei Markenartikeln etwa 10% billiger sind als die vier großen Supermärkte, die bereits in einen Preiskampf verwickelt sind.

2014: BHS weist bis August 2014 einen Cash-Verlust von 21 Mio. GBP aus, verglichen mit 19,3 Mio. GBP im Vorjahr.

2015: Sir Philip verkauft BHS für £ 1 an Retail Acquisitions, angeführt von dem ehemaligen bankrotten Dominic Chappell. Die Arbeiten an einem Turnaround-Plan beginnen, um ihn wieder in die Gewinnzone zu bringen.

2016: Das Geschäft wird im März in eine Rettungsleine geworfen, als die Gläubiger zwei freiwillige Vereinbarungen des Unternehmens (CVA) unterstützen, um Kosten zu senken und weit verbreitete Schließungen von Geschäften zu verhindern.

2016: BHS bricht im April in die Verwaltung ein und löst eine Untersuchung der Abgeordneten gegen Sir Philip und Herrn Chappell aus.

2016: Administratoren finden keinen Käufer für das Unternehmen und beschließen, das Unternehmen abzuwickeln. Die Aufmerksamkeit richtet sich nun auf die Untersuchung eines Abgeordneten über seinen Tod.

2016: Abgeordnete veröffentlichen einen verdammten Bericht über Sir Philipps Verkauf der High Street-Kette und brandmarken ihn als das inakzeptable Gesicht des Kapitalismus. Sir Philip droht mit rechtlichen Schritten wegen der Ansprüche

2017: Die Rentenaufsichtsbehörde gibt bekannt, dass mit Sir Philip Green eine Einigung im Wert von bis zu 363 Mio. GBP erzielt wurde

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