Philip Green doesn't fly Easy Jet.
So BHS looks like it could go into administration, sign of the times, just another ailing business, or-----?
Philip and friends messing around in boats.
BHS has proved itself to be a cash fountain for the one time owners, the Green family, and a bunch of cash crazy shareholders. After buying the business in 2000, the shareholders extracted more than £422 million in two years, 2002-2004. the vast majority of the loot went to the Green family. The Philip Green family also managed to collect another £151.4 million from BHS in rent for 12 stores which happen to be owned by Carmen properties, which just happened to be a Green family business. The cash fountain didn't stop there, the Green family also earned almost £10 million from £19.5 million bond issued to BHS, and then there was the the £3 million from ground rent on BHS head offices. This looks like the BHS, in a rather short period, earned the Green family £164.4 million plus the major share of another £422 million, a nice little earner if you can get it. So there you have it, a company that is now likely to go into administration poured the princely sum of £586.4 million into the coffers of a little bunch of city gents. Let's not forget all the perks that go with “owning” a company, travel expenses, wining and dining, etc. Now that the this gravy train was being sucked dry, the livelihood of thousands of ordinary people, hangs on a cliff edge. Ah, that's capitalism, when the cash fountain is sucked dry, it's time to go.
