Philip Green sold British Home Stores for only £1.00 and now has paid £363 million, albeit forcibly, towards the Pension Fund which should have been secured for his former, now thousands of jobless, employees of all ages.
It begs the question, if he coughed up this money from his many billions now, then why could he not have turned a profit from his company British Home Stores.
Oh yes, he needed more yachts.
Then there was the question of his Knighthood.
If anyone else in any other walk of life had tried a stunt like this they would no doubt be arrested for corporate malpractice of one sort or another.
Philip Green has been a reluctant late contributor to this particular pension fund and it has taken long enough to reach this stage.
Although many have commented that ‘it is a good start’, there are other factors to be considered regarding investment returns and depreciation over future years, i.e. will former employees due their pensions from BHS have enough returns to maintain a reasonable standard of living as they get older?
Remembering the dignity of staff as they served customers on the last day each store was open, and that they were selling mannequins or parts thereof, shelving and infrastructures as well as last packets of underwear or the last handbags, etc, with cool calm self-respect, and confidence facing an uncertain future, then as well as any financial reinstatements due to them they are all worthy of their own Awards for having been employed by someone like Philip Green in the first place.
Photo (c) Hazel Speed – used by kind permision to Tuck Magazine