BHS administration: Sir Philip Green could face MP grilling over £571m pension deficit April 26, 2016 MPs are to decide tomorrow whether former BHS boss Sir Philip Green should be called in for questioning over the demise of the iconic high street name and its towering £571m pension deficit. BHS entered administration yesterday with debts of £1.3bn. The pension liabilities have been passed onto the Pension Protection Fund (PPF) – which is [...]
Live: Pensions lifeboat says that it had concerns about the BHS pension scheme in 2012 May 9, 2016 The BHS' pension scheme was on the Pension Protection Fund's (PPF) radar as far back as in 2012, MPs were told today. Alan Rubenstein, chief executive of the PPF, also explained to a committee hearing that the scheme had a 23-year recovery plan at that point, which is significantly longer than would usually be allowed. Lesley Titcomb, [...]
Department store chain BHS secures loan from former Blockbuster owners February 17, 2016 The owners of BHS are understood to have secured a £10m loan from US turnaround specialist Gordon Brothers, as it attempts to turn itself around and expand its fledgling food business. Documents filed on Companies House show that a subsidiary of Gordon Brothers has been granted a legal charge over BHS' leasehold store at Cribbs Causeway shopping centre in [...]
BHS landlords and creditors approve crucial CVA vote to slash rents March 23, 2016 Struggling department store chain BHS will live to fight another day after creditors and landlords today voted in favour of a restructuring deal to slash the rent bill for its 164 UK stores. The company said 95 per cent of creditors approved a Company Voluntary Arrangement (CVA) for 125 stores at a meeting at the Novotel Hotel in Hammersmith this morning – [...]
Bye-bye BHS? Sir Philip Green poised for Arcadia break up with sell off deal March 8, 2015 Sir Philip Green is poised to agree a deal that would break up his Arcadia retail empire. The tycoon is about to wrap up a deal to sell off troubled high street department store chain BHS according to several reports. It was revealed at the beginning of the year that Green, who bought up BHS [...]
Is Tesco saved? A small victory for Dave Lewis in the supermarket’s Christmas results, but 2016 remains a challenge January 14, 2016 Tesco reported its best Christmas trading results since Dave Lewis has been at the helm but does this really mean that ‘Drastic Dave’ and his management team can breathe a little easier? The dynamics of grocery shopping has changed with value and convenience the two biggest factors for consumers. Competition has never been fiercer so it would [...]
Sir Philip Green breaks apart his Arcadia empire with the sale of BHS January 25, 2015 Retail tycoon Sir Philip Green has decided to break apart one of Britain's biggest retail empires by selling British Home Stores (BHS). Green purchased the business, which sells mostly clothing and household items, from the Storehouse conglomerate in 2000 for £200m. It now has a significant presence on high streets across the UK, with [...]
Rihanna 1, Topshop 0: Singer wins t-shirt image legal battle against Arcadia January 22, 2015 The pop singer Rihanna has won a legal battle against high-street fashion favourite Topshop over a t-shirt. The Court of Appeal in London has upheld a previous ruling that the Arcadia retailer used an image of the singer on a top without her permission. While a celebrity's image can’t be trademarked, judges ruled that some people [...]
New BHS owners Retail Acquisitions seek £70m refinancing to revive troubled chain bought from Sir Philip Green for just £1 August 23, 2015 The new owners of BHS are in talks to secure a refinancing package to help turn around the loss-making chain bought from Sir Philip Green earlier this year. Retail Acquisitions, a consortium comprising an eclectic mix of investors including former racing driver Dominic Chappell, is understood to be seeking a £70m loan by the end [...]
Sir Philip Green shrugs off profit slide at Arcadia November 25, 2014 SIR PHILIP Green shrugged off Arcadia’s decline in full-year profits yesterday, insisting his retail empire was adapting to the “fast-changing” demands of the retail industry. The company behind Topman, Miss Selfridge, Dorothy Perkins, Burton and Wallis as well as Topshop, posted a 3.4 per cent drop in pre-tax profits to £143.1m in the year to [...]