Published On: Mon, Apr 25th, 2016

The £5 billion fortune of the couple who sold BHS for £1

BHS was driven to the wall by falling sales, changing shopping habits and a financial black hole


Monaco Royal Wedding - The Religious Wedding Ceremony

 

In 2000 Sir Philip Green’s Arcadia Group, which owns Top Shop, Dorothy Perkins, Wallis, Miss Selfridge and Burton, bought BHS for £200 million.

Three years later, His wife, Lady Tina Green scored nice income, a £40 million dividend.  Two years after, in 2005,  she got herself £1.2 billion, the biggest pay cheque in British corporate history. According to Mirror,  this sum was a repaid loan which was four times the company’s profits for that year.

The Mirror added Tina got the cash because she owns 92 percent of Arcadia shares through a company registered in Jersey called Taveta Investments.

While Sir Philip is registered for tax purposes in the UK, his wife is registered in Monaco.

In 2015 Sir Philip sold BHS, saying: “The business is handed over in a sound financial position with significant cash balances and banking facilities in place.”

The firm and its 164 stores were sold for just £1.

Today BHS has been put into administration, driven to the wall by falling sales, changing shopping habits and a £1.6bn black hole, including a £571m pensions shortfall.

Read the full story at The Mirror, by FLEET STREET FOX

 

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