Sir Philip Green must repay £400m or lose knighthood, says MP

[sasguru]

After scum Brown fooked over pension funds with (attention) DIVIDEND TAX CREDIT REMOVAL it was writing on the wall for final salary pensions, so smart owners of Bhs decided to sell it - their names won't be in mud after this one, Greens on the other hand...

Watch "Wall Street" movie again - Gecko bought company with pension fund that had surplus, it's break up value was higher than valuation of the whole...

But is that what happened here?

[BrilloPad]

Robert Maxwell used up a pension fund.

MI5 pushed him off a boat.

Will the same happen to Mr Green?

[AtW]

But is that what happened here?

No idea, but it's a great movie to watch, much bette than look at Mr Green...

Warning - contains retirement advice...

[AtW]

Robert Maxwell used up a pension fund.

MI5 pushed him off a boat.

Will the same happen to Mr Green?

He is getting a new boat soon...

[Old Greg]

So he bought asset that was making steady profits to the tune of £110 mln per year for £200 mln??? The price should have been at least 5 times more in this case.

It stinks worse than BP's gimp suit.

[Scruff]

Wow. There are a lot of hypocrites here. His wife took the Dividends as a non-resident shareholder. Remember that Dividends are paid out of retained earnings, on which Corporation Tax has already been paid?

No crime, nothing more immoral than what we mostly do either?

[AtW]

Wow. There are a lot of hypocrites here. His wife took the Dividends as a non-resident shareholder. Remember that Dividends are paid out of retained earnings, on which Corporation Tax has already been paid?

I don't think it's the issue under discussion right now.

[SueEllen]

Yes, and that magical turnaround is a little bit unexplained, especially given lack of success soon thereafter!

I reckon what happened was that some non-material things, including future obligations to pension fund were revalued, that gave big profit jump which was taken out as dividends thus sucking the cash out of business.

btw, £110 mln profit on £ 890 mln sales is very high figure.

BHS had a very highly regarded lighting department when everywhere else on the high street was either tulip or expensive. They got awards for it.

They also had some other homeware stuff that was of a decent quality but slightly cheaper than their competitors.

Unfortunately for them the likes of every other retailer including DIY stores and garden centres cottoned on to the fact lighting and homeware were a money spinner. With their ease of parking and/or embracing of the Internet they soon out marketed BHS.

I can actually remember not being able to find decent lamps and shades except at BHS, there as now I can buy either of varying quality in any large branch of the supermarket chains.

Oh and Austin Reed has also gone into administration.

And M&S are having a random sale, which indicates they have problems.

[Mordac]

And M&S are having a random sale, which indicates they have problems.

Not another one, surely?

[Scruff]

I don't think it's the issue under discussion right now.

His morality is being questioned, in order to make a valid claim for his KBE? The moral maze is never straightforward... 🎖