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UK News Philip Green urged to ensure workers' pensions are paid

15:45  28 november  2020
15:45  28 november  2020 Source:   dailymail.co.uk

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Sir Philip has been urged to use the millions he made from Arcadia to ensure the pensions of workers who face the axe are paid in full. Lord Field told The Times: 'When Sir Philip Green appeared before the House he said that his workers were part of his family.

SIR Philip Green was told to cough up some of his millions as his Arcadia store empire teetered on the brink of Lord Field said he would be working in the Lords to ensure Arcadia workers didn't have to go through a "We are seeking urgent meetings with management and we urge them to end their

Stuart Rose, Philip Green are posing for a picture: MailOnline logo © Provided by Daily Mail MailOnline logo

A former boss of Marks & Spencer said the downfall of Sir Philip Green's Arcadia Group is 'an object lesson of what happens if you don’t stay relevant'.

Lord Stuart Rose said he 'dreads to think' what would have happened if Sir Philip had bought M&S in 2004 - when the Tory life peer was the British retailer's Chief Executive.

The Arcadia Group - which includes TopShop, Dorothy Perkins and Miss Selfridge - is set to collapse within a matter of days, putting 13,000 jobs at risk.

Lord Rose - who was knighted in 2008 - told Radio 4's Today Programme that Sir Philip's Arcadia Group is facing collapse because the business tycoon didn't move 'from an analogue world to a digital world fast enough'.

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The workers are long gone but the debate about the pension mess that was left behind and the corporate culture which let it all happen has carried on. The regulator will see this as establishing an important precedent for getting former owners to pay up when pension schemes go bad.

Sir Philip Green apologises to MPs for the 'sad' demise of BHS and claims he is working on a 'solution' to the £571m pension scheme deficit. Former BHS owner Sir Philip Green has vowed to sort out the pensions "mess" that followed the collapse of the retailer last month.

He added: 'I suppose that's probably because there has not been enough investment in the business over the last 10 to 15 years and that is now why we've ended up where we've ended up this morning.

'I'm only grateful for one thing: I'm grateful that we didn't sell Marks & Spencer to Philip Green in 2004 because I dread to think what might be facing that business today.'

'I'm not one to demonise people. Philip has done some good things in his time and he's had some difficult situations. I'm sure if he wanted to replay the record he might play it differently himself.'

Sir Philip has been urged to use the millions he made from Arcadia to ensure the pensions of workers who face the axe are paid in full.

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Sir Philip Green is facing a fight with the Pensions Regulator(Reuters). That's because money will simply go into the PPF pot to ensure it can pay benefits too all the people in all the The company founder said that workers were paid less than the statutory minimum because of bottlenecks at

Retail tycoon Sir Philip Green 's £363m payment to the BHS pension scheme does not wipe away the stains from his reputation, a senior MP has said. Former BHS office manager Lin MacMillan who set up a petition urging Sir Philip to "sell the yachts, pay the pensions " welcomed the deal.

As it stands, the group has 10,000 people on its £350million pension scheme and - if the company appoints administrators from Deloitte next week as planned - the government-run Pension Protection Fund could be forced to step in.

Its intervention could see members lose between a fifth and a quarter of the pension benefits promised under the Arcadia scheme.

Lord Field of Birkenhead - a long-time pensions campaigner and former MP - urged Sir Philip to cover the cost 'in full'.

He was part of the committee who questioned Sir Philip over the BHS pension fund debacle in 2016.

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  Philip Green's TopShop empire Arcadia Group faces collapse within days - 15,000 jobs at risk Sir Philip Green's retail empire is facing collapse within days, putting 15,000 jobs at risk and bringing the curtain down on the high street career of one of Britain's most controversial businessmen. © Getty Arcadia's collapse would cap one of the most spectacular implosions in recent corporate history Sky News has learnt that Arcadia Group - which owns TopShop, Burton and Dorothy Perkins - is preparing to appoint administrators from Deloitte as soon as next week.

Sir Philip Green ’s performance in front of a joint hearing of the Business and Work and Pensions select committees yesterday delivered precisely what Asked specific questions about what he did and didn’t say about the pension scheme to Dominic Chappell, the former bankrupt to whom he sold BHS

Sir Philip Green (pictured) threatened to walk out of a key hearing with MPs today as he branded them 'disgusting' and Sir Philip Green grilled over collapse of BHS and pensions deficit by MPs. In an apparent attempt to reassure the 20,000 former BHS workers whose schemes have fallen into the

Lord Field told The Times: 'When Sir Philip Green appeared before the House he said that his workers were part of his family.

'Those workers delivered Lady Green the biggest dividend in British history. It's time for members of the family to have their pensions paid in full.'

Sir Philip's wife Tina took a staggering £1.2billion dividend from his Arcadia retail empire in 2005 - three years after she became owner. Sir Philip took over Arcadia in 2002 for £850 million.

His family is ranked 154th on the Sunday Times Rich List with a fortune of £930 million.

In 2016, Retail Acquisitions - who bought BHS from Sir Philip a year prior - called in the Pension Protection Fund because it was not generating enough cash to plug a pension fund gap £571million gap.

The separate Pensions Regulator can force a former owner of a business to help cover costs if it can be proved there has been an attempt to avoid or not honour statutory liabilities.

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Sir Philip was forced to fork out £363million following a legal battle.

However, the regulator - who is understood to be closely following the situation - may struggle to prove Sir Philip tried to purposefully avoid payments to the Arcadia Group.

Sir Philip and Lady Green are said to be discreetly sounding out buyers over a magnificent townhouse she owns in Belgravia, one of London’s most exclusive enclaves.

She is believed to have spent millions renovating the property, with planning applications put in for lowering the basement floor, installing a glass roof and a new roof terrace.

The imminent collapse, which is said to have come after Sir Philip could not secure an emergency £30million loan to keep the retail giant afloat, puts its 13,000 staff at risk of redundancy, four months after it axed 500 roles in its head office.

Bosses at the Usdaw union said it was 'a devastating blow for workers at Arcadia and could not have come at a worse time, just before Christmas', adding that they were seeking urgent meetings with management.

a store front at day: The management of the group were yesterday insisting the pandemic was to blame for the company’s distress. Yet the business — like Green himself — was looking like a spent force well before the virus struck © Provided by Daily Mail The management of the group were yesterday insisting the pandemic was to blame for the company’s distress. Yet the business — like Green himself — was looking like a spent force well before the virus struck

And Julie Palmer, partner at restructuring firm Begbies Traynor, said: 'The mood music would suggest that Sir Philip Green has used up his last lifeline, and administration may be the inevitable destination for Arcadia.'

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There is expected to be a rush among creditors to secure the company's assets if its insolvency is formally declared.

Arcadia Group said it had been working on 'contingency options' to secure the group's future, and that it expected its stores to reopen next week when the UK Government's latest four-week lockdown ends.

England is in the midst of a lockdown due to the pandemic that has forced the closure of all shops selling items deemed to be non-essential. The lockdown expires next Wednesday when all shops will be allowed to reopen.

A spokesman for Arcadia also admitted that the 'forced closure of our stores for sustained periods as a result of the Covid-19 pandemic has had a material impact on trading across our businesses.'

Sir Philip Green's Arcadia group goes into administration

  Sir Philip Green's Arcadia group goes into administration Sir Philip Green's Arcadia retail empire has fallen into administration with 13,000 jobs at risk, making the collapse the biggest UK corporate failure of the coronavirus pandemic.The group, which is comprised of eight of the UK's best known high-street and fashion retail brands, will be administered by Deloitte, according to a press release.

Its 550 shops will reopen after the UK's second lockdown restrictions lift - and ahead of a busy Christmas period.

News of his company teetering on the edge of collapse comes amid revelations that  Sir Philip Green has planned a Christmas getaway to a £30,000-a-night island in the Maldives.

He will be sunning himself on the Reethi Rah resort over the festive period.

Former BHS worker Lin MacMillan told The Mirror: 'This will go down like a lead balloon with Arcadia staff. It's like sticking two fingers up at them.'

Another, Hannah Cullen, added: 'It is so insensitive. He has no grip of reality, he lives in a bubble.'

Earlier this week Green was pictured wrapped in a fur coat as he lay out on the deck of a superyacht off Monaco.

a wooden bench sitting next to a body of water: Previous A-list guests at the Maldives island include Chelsea football club owner Roman Abramovich as well as Hollywood stars Tom Cruise and Russell Crowe. Pictured, Reethi Rah © Provided by Daily Mail Previous A-list guests at the Maldives island include Chelsea football club owner Roman Abramovich as well as Hollywood stars Tom Cruise and Russell Crowe. Pictured, Reethi Rah Max Irons, Cara Delevingne, Philip Green posing for a photo: Max Irons, Cara Delevingne and Sir Philip at a TopShop store opening in New York in 2014 © Provided by Daily Mail Max Irons, Cara Delevingne and Sir Philip at a TopShop store opening in New York in 2014

Previous A-list guests at the Maldives island include Chelsea football club owner Roman Abramovich as well as Hollywood stars Tom Cruise and Russell Crowe.

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Former footballer David Beckham and chef Gordon Ramsay are said to have spent several New Year breaks together with their families at the resort.

The ­Beckhams are said to have once payed £250,000 for an 11-night festive stay.

In what could be the biggest UK corporate collapse of the coronavirus pandemic so far, the Arcadia Group is set to appoint administrators from Deloitte as early as next Monday although the plans could still be delayed.

The revelations emerged on Black Friday as non-essential retailers in England stayed shut while the four-week lockdown continues, with the crisis having already claimed 250,000 job losses or potential redundancies.

The move, which is said to have come after Sir Philip could not secure an emergency £30million loan to keep the retail giant afloat, puts its 13,000 staff at risk of redundancy, four months after it axed 500 roles in its head office.

Bosses at the Usdaw union said it was 'a devastating blow for workers at Arcadia and could not have come at a worse time, just before Christmas', adding that they were seeking urgent meetings with management.

And Julie Palmer, partner at restructuring firm Begbies Traynor, said: 'The mood music would suggest that Sir Philip Green has used up his last lifeline, and administration may be the inevitable destination for Arcadia.'

Arcadia Group said it had been working on 'contingency options' to secure the group's future, and that it expected its stores to reopen next week when the UK Government's latest four-week lockdown ends.

England is in the midst of a lockdown due to the pandemic that has forced the closure of all shops selling items deemed to be non-essential.

The lockdown expires next Wednesday when all shops will be allowed to reopen.

A spokesman for Arcadia also admitted that the 'forced closure of our stores for sustained periods as a result of the Covid-19 pandemic has had a material impact on trading across our businesses.'

Today, tweeting shortly before 4pm, ITV business editor Joel Hills said: 'I have just come off the phone with Mike Ashley who told me he is interested in a deal to takeover the Arcadia group. He says he is interested in all of the brands.'

In March 2019, Mr Ashley told the Times he would not buy Sir Philip's Arcadia group even 'for a pound', quashing speculation that he was considering an acquisition of it or a partnership with private equity firm.

Read more

UK's R number falls to four-month low, estimate suggests .
The estimated R number for coronavirus is between 0.8 and 1.0 in the UK - its lowest level since August. R represents the average number of people each person with COVID goes on to infect.The growth rate, which estimates how quickly the number of infections is changing day by day, indicates the number of new infections is shrinking by between 1% and 3% every day. © Thomson Reuters A man wearing a protective mask uses a phone at a bus stop, amidst the spread of the coronavirus disease (COVID-19), in London, Britain December 3, 2020.

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