The business style of Philip Green, whose Arcadia retail empire collapsed into administration on 30 November, exemplifies the worst excesses of contemporary British capitalism. Throughout his long career, Mr Green, the so-called King of the High Street, has asset-stripped companies with little concern for the common good.
In 2005, the Arcadia owner paid his wife, who is resident in Monaco, a £1.2bn tax-free dividend, while ultimately leaving a £571m pension deficit at BHS, which collapsed in 2016 a year after he sold it for £1. He was courted by fawning politicians – Tony Blair awarded him a knighthood, David Cameron appointed him a government tsar – and was indulged by feeble regulators.
Subscribe to The New Statesman today from only £8.99 per month
Content from our partners
