Sir Philip's yacht "Lionheart"
This is a rather sad story, illustrating the state of modern capitalism:
When Sir Philip Green bought BHS in May 2000, he insisted it would not be rocket science to revive the ailing high street retailer. After paying £200m, he was convinced he had the skills to secure its future and make it the foundation of a sprawling retail empire.
But last year, after failing in his mission, Green sold BHS for £1 to a little known group of investors who have steered it into collapse in just over 12 months. His dreams for the chain may have come to nothing, but Green’s family have still been big winners from BHS, taking out more than £580m in dividends, rental payments and interest on loans to help fund a lavish lifestyle.
As the pensions regulator considers whether to pursue Green for between £200m and £300m – to help fill the black hole in BHS’s pension schemes that had developed since 2000 – he is awaiting delivery of his latest toy: a $150m (£100m) superyacht named Lionheart. The 90-metre vessel will join Green’s two other yachts, speedboat, helicopter and Gulfstream jet, which comes in handy for his weekly trips to and from Monaco to visit his family.
Green and his wife Tina were listed as the UK’s 29th richest family in last weekend’s Sunday Times rich list, which estimated their worth as £3.22bn. That total excludes the £280m which researchers suggested Greens might have to hand over to the pensions regulator.
Tina, who since 2004 has been the legal owner of BHS – and the Arcadia Group, which includes Topshop, Miss Selfridge and Dorothy Perkins – is based in Monaco. The handover of BHS to Green’s wife was completed just before the family paid themselves £1.2bn in dividends from Arcadia in 2005, the biggest pay cheque in British corporate history, equivalent to four times the group’s then profits.But, of course, he has done nothing illegal. Try telling that to the BHS employees.