BHS file for administration

[999tigger 10]

dunno

 

 

 

he's a parasite who has used his wife and monaco's tax laws to evade paying taxes in the uk while at the same time destroying the livelihoods of 11,000 people and 20,000 pensioners. the consequences of which will be picked up by taxpayers like me.

 

Normally Andy you are quite sensible and that isnt common on these forums.

 

I would think very little of the dividend he paid himself in 2005 had much to do with BHS, its never been that successful. I could go back over 10-20 years of Arcadia accounts, but am not inclined to. BHS has never been a flourishing business.

 

He might be a parasite, but i think the Monaco thing or his yacht is irrelevant. Ig he destroyed BHS ot was more in terms he wasnt able to make it work. Imo its been linping along for years and is outdated. It sells nice bedding and lighting, b but thats it. It has too many stores, it doesnt sell what people want etc.

 

If someone thought they could do a better job they could have taken over and bought him out. As it is the business just failed.

 

---------- Post added 25-04-2016 at 16:17 ----------

 

as far as tax realating to profits goes then it should be paid in the country where said profit is earned.

 

I agree but if our tax laws are weak and he can make a legal payment abroad, then its the givernment which needs to change the tax laws.

[andyofborg 11]

I agree but if our tax laws are weak and he can make a legal payment abroad, then its the givernment which needs to change the tax laws.

 

sadly it's not just our government which needs to do something, much of the law which governs inter-country profit movements is based on treaties written up in the 1920s when the world was far less globalised.

[Cyclone 10]

i've never said that the plan was to cause the business to fail

Perhaps I missed the point then, what was the criticism of the withdrawal of profit from the business?

 

 

but that limits the ability of the business to generate money for it's owners which is what you claim is the only purpose of a business.

yes it does, the two things are in opposition.

 

as far as tax realating to profits goes then it should be paid in the country where said profit is earned.

Well now you just appear to be confused.

Any profit the business made is taxed, corporation tax.

Income that a foreign resident then takes from the business in the form of dividend is then taxed in the place they are resident.

 

Of course the profit can be offshored through a variety of means, but that's an entirely different problem to dividend and personal taxation (where there is no problem).

 

If you wanted to entirely kill foreign investment in UK companies, then levying a tax against dividends paid to foreigners would be the way to do it.

 

---------- Post added 25-04-2016 at 17:00 ----------

 

 

If someone thought they could do a better job they could have taken over and bought him out. As it is the business just failed.

 

They did. He sold the business, for nothing, as it was clearly not making money and came with debt. They thought they could turn it around, so far they've failed.

[ez8004 10]

We should start a petition for government to step in and save bhs , like we are doing with steel jobs

 

BHS is strategic to the country how?

[999tigger 10]

sadly it's not just our government which needs to do something, much of the law which governs inter-country profit movements is based on treaties written up in the 1920s when the world was far less globalised.

 

The tax laws are written by governments, they need to get their acts together and co ordinate. You cnat blame businessmen for arranging their tax affiars to their advantage as long as its legal.

 

---------- Post added 25-04-2016 at 19:11 ----------

 

They did. He sold the business, for nothing, as it was clearly not making money and came with debt. They thought they could turn it around, so far they've failed.

 

I know that I was talking about during his period of ownership, you are taking things out of context.

 

---------- Post added 25-04-2016 at 19:14 ----------

 

BHS is strategic to the country how?

 

Ofc it isnt, its just a high street retailer past its sell by date. Sad for those 11,000 people but its likely to be cut down to 2,000 imo and maybe 20-30 stores or go out of business entirely. People cant be moaning about it going out of business when they have decided to shop elsewhere. Same way as Woolworths and Comet.

[ihpb 10]

Poor Philip Green there is a £1 price on his head, maybe he should give it all back or face the consequences.

[999tigger 10]

Poor Philip Green there is a £1 price on his head, maybe he should give it all back or face the consequences.

 

If he hadn't sold it he could have simply filed for insolvency. Not sure why he is getting all the blame, but it's SF I guess.

[Detetcive 10]

Administration is more to give it a breathing space. Hopefully they will just get rid of the biggest lossmakers and be bale to save it. poor staff. There was a time when Phillip Green had BHS going well, but its slipped back and seems to have a very big hole in its pension pot. Sad to see it close, considering they used to have that big shop in haymarket and one on the Moor?

 

Yes poor old Philip Green - he must be distraught having only made £500m from BHS before handing it over to bunch of useless investors.

 

11,000 people on benefits - thousands more with a black hole where their pension used to be ...meanwhile Green spends £150m on his third yacht.

 

Ah the good old free market and capitalism - lets hope the pensions authority get Green by the balls and squeeze til he coughs up for the pensioners.

Edited April 26, 2016 by Detetcive
typo

[Fudbeer 12]

http://www.dailymail.co.uk/news/article-3558546/Sharks-bled-BHS-dry-High-St-icon-s-collapse-threatens-11-000-jobs-fat-cats-accused-pocketing-425m-business.html

 

Surprisingly reminiscent of the original Wall Street film.

 

When they considered a takeover;

 

"and the beauty is the over funded pension scheme" .......

[Anna B 1,401]

Yes poor old Philip Green - he must be distraught having only made £500m from BHS before handing got over to bunch of useless investors.

 

11,000 people on benefits - thousands more with a black hole where their pension used to be ...meanwhile Green spends £150m on his third yacht.

 

Ah the good old free market and capitalism - lets hope the pensions authority get Green by the balls and squeeze til he coughs up for the pensioners.

 

[El Cid 214]

at least he did the decent thing

 

Maybe Green will too

 

http://www.dailymail.co.uk/news/article-3510128/A-100m-floating-gin-palace-pension-scandal-scupper-Sir-Topshop-Philip-Green-faces-calls-stripped-knighthood-buys-yacht-BHS-teeters-brink-bankruptcy.html

 

He has offered £80 million for the pension fund, that is almost admitting responsibility.

[GLASGOWOODS 10]

It's common sense logic.

 

Green sells BHS for £1 to a group with little retail experience or track record in rescuing struggling companies. A year later BHS goes into administration with a £571m deficit in the pension fund. It's ironic that eleven thousand BHS staff are likely to lose their jobs with uncertainty about their pensions, while Green can enjoy his retirement on his brand new yacht, which is why it has been mentioned in the media.

 

Anyone with an ounce of common sense can smell a rat, but if common sense was made out of gunpowder, you wouldn't have enough to blow your hat off.

 

Didn't Robert Maxwell own a yacht ?

 

I'm sure it said on the Beeb this morning that this outfit made a tidy £8 million out of it.