The collapse of British Home Stores has hammered home the lesson we have all been learning about big business under David Cameron’s Conservative Government.
The lesson is:
Corporate bosses get to take all the cash to tax havens; workers get nothing.
For all the BHS employees who voted Tory: Take a good, hard look at Philip Green’s latest yacht (pictured) – his third.
It cost roughly the same amount of money as is missing from your pension fund.
Green is, as has been well-established, a serial tax-avoider. He took more than £400 million from BHS in the first two years after he bought it.
Now the company, starved of investment, is in receivership.
This Writer understands that Sports Direct would have been interested in taking over, if the company’s pension fund liability was not part of any acquisition deal.
That’s a lucky escape for BHS staff, if true, as Mike Ashley would probably have put them all on zero-hours contracts.
BHS has officially collapsed into administration after failing to agree a last-minute deal to rescue the department store chain.
The demise of the retailer, which employs 11,000 people, is the biggest failure on the high street since that of Woolworths in 2008.
The Pensions Regulator has confirmed that it is investigating BHS, suggesting that the regulator is considering whether to force Sir Philip Green, the former owner of the retailer, to contribute towards the company’s £571m pension deficit.
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