Sunday, 22 May 2016


UPDATE 2 June, 2016 --
Will David Cameron and the Tory Government really let Philip Green get away with the pension fund and also let another  11,000 jobs be lost again?

Also Tata with the steel workers' pension fund?

A few months ago British Home Store (BHS) went into financial difficulties and was on the verge of closing the chain store. It would have cost thousands of staff their jobs.

The Owner was Philip Green and it was discovered that huge sums were missing including the staff Pension Fund.

In the last minute Dominic Chappell tried to buy the chain stores for £1. Do not get green with envy because £1 is just an official buying price the real take over is huge debts including the pension fund.

Mr Chappell requested three times a meeting with Baroness Altmann the Pension Minister but she refused each time.

Mr Chappell wanted to break the deadlock between Sir Philip Green and The Pension Regulator over funding settlement.

The Department of Work and Pensions refused to comment. One comment was given that it would have been not right for Baroness Altmann to get involved.

Billionaire Sir Philip Green supposed to have offered £80million to plug the hole of £571million. An expert told the Daily Mirror the watchdog could press Sir Philip Green to cough up £300million. Let's hope so. It stinks to high heaven that someone can just swipe off £571million which was saved by hard-working staff hoping for a better retirement. 

It is a disgrace that £571million can vanish and Sir Philip Green is not held responsible and made to put the full amount back. Sir Philip Green is also the owner of Top Shop.

It seems to be a new trend to convince workers to pay into a pension fund which then vanished. It also happened at the Steel Works TATA. They too lost hundreds of millions of pounds of Pension Funds.

Again the Government sits back and does nothing.

As a matter of fact the take-over has not yet been settled officially. The administration still presses ahead of finding the right buyer. They remain hopeful to safe the 164 chain store employing 11,000 people.

Administrator, Duff & Phelps, has hired at one specialist to assess the value of breaking up the business. It would again cause widespread job losses plus their pensions. Again the Government nose dives like a U-boat. and does nothing to help. They caused all the troubles with austerity and cut backs and when a company goes bust they vanish.

At the moment Matalan founder John Hargreaves and Select Fashions owner Cafer Mahirogha joined forces and are interested to buy.

Aziz Tayuh, owner of Pound Store is also interested to buy BHS.

The following week will be decisive for BHS whether there will a take-over or closure of BHS.

Source  Daily Mirror 

No comments:

Post a Comment