Boohoo snaps up Primark exec John Lyttle as new chief executive September 17, 2018 Online retailer Boohoo has announced it has snapped up Primark's chief operating officer John Lyttle to be its new chief executive. Lyttle will take on the role from 15 March 2019. Over his eight years at Primark, Lyttle oversaw a turnover growth of 158 per cent to £7bn, and has boosted operating profit by 116 per [...]
BHS creditors set for £36m payout against £1bn of debts January 28, 2018 BHS’ unsecured creditors are set for a £36m interim payout against debts over £1bn, according to reports. FRP Advisory, the liquidator of the former high street stalwart, disclosed a 3.62p dividend in a document sent to creditors last week. BHS collapsed into administration in April 2016, with as many as 11,000 people losing their jobs. [...]
Sir Philip Green plugs another pensions hole at Arcadia March 5, 2017 Sir Philip Green has finalised plans to tackle yet another pension scheme deficit, this time at his own retail giant Arcadia. Arcadia will double its payments to the company's pensions scheme from £25m a year to £50m, helping to cover a near £200m deficit. The agreement comes just days after the billionaire settled a dispute [...]
Carillion boss Philip Green has previously been found guilty of a breach of trust over pensions January 16, 2018 Carillion's former chairman Philip Green has been previously found in breach of trust by the Pensions Ombudsman. Green was one of three to be censured by the body back in 1994 over their handling of wallpaper and home furnishings group Coloroll. Coloroll chairman John Ashcroft was found to have abused his control of a company [...]
Flopshop: Arcadia Group brand Topshop’s sales drop over Christmas February 5, 2017 Sir Philip Green’s fashion brand Topshop suffered a like-for-like sales drop of nearly 11 per cent over Christmas, the most important shopping period of the year. The Sunday Times has reported that sales across the Arcadia Group as a whole, which includes Dorothy Perkins, Wallis and Evans, fell by about 6.5 per cent. The poor [...]
Topshop boss Sir Philip Green takes no responsibility for BHS pension saga April 15, 2018 The previous owner of retail firm BHS Sir Philip Green has said that he regrets the decision to sell the chain to serial bankrupt Dominic Chappell, but that attacks on him as a result were fuelled by jealousy of his success and wealth. When asked if any of what happened as a result of the [...]
More trouble for Green as Arcadia depot staff to strike over wages December 8, 2016 Workers at Arcadia’ distribution arm, who are part of the GMB union, voted for fresh industrial action yesterday. Staff members at Spectrum for Arcadia, a division of the DHL Logistics Supply Chain, are set to walk out today and then again on Monday in support of a pay claim for a Real Living Wage – [...]
Carillion chairman Philip Green was a Number 10 adviser January 15, 2018 The collapse of construction firm Carillion has put the relationship of chairman Philip Green with government under the microscope. This morning the firm filed for liquidation after talks with Cabinet Office minister David Lidington and a number of other ministers over the weekend failed. Carillion employs 43,000 people, with nearly 20,000 in the UK. It [...]
Editor’s Notes: MPs should summon the hedge funds if they want to understand Carillion, Carney’s catty comment and RBS’s robot February 23, 2018 In their quest to find out what happened to doomed outsourcing giantCarillion, MPs are asking the right questions but they’re not necessarily addressing them to the right people. This week the committee investigating Carillion’s collapse grilled accountancy firms KPMG andDeloitte, but while the beancounters can provide valuable insight into the final hours of Carillion’s life, [...]
Arcadia paid BHS head office staff to “stem tide of resignations” October 11, 2016 Arcadia paid £2m to staff in BHS' head office to keep them from leaving as the business collapsed into administration. In a statement, ex-BHS Darren Topp said nearly 100 people resigned in four weeks from the end of March 2016, and the money from Arcadia was used to "stem the tide of resignations". Read more: Insolvency Service [...]