Sir Philip Green came close to acquiring M&S in 2004, book claims

Sir Philip Green, whose role in the demise of BHS was characterised by parliamentarians as the “unacceptable face of capitalism”, came much closer than previously thought to acquiring Marks & Spencer in 2004, a book on the controversial billionaire claims.

The news that the abrasive tycoon almost won the takeover battle for what many considered to be the jewel in the British high street will be regarded as a close escape by some in the retailing industry, many of whom have long bridled at the billionaire’s brusque nature and delighted in his humbling.

At the time of his attempted M&S takeover in 2004, Green was thought of as one of the kings of the British high street, having acquired the loss-making BHS for £200m in 2000 and quickly turning around the business.

BHS was owned by Green for 15 years until he sold it to Dominic Chappell, a former bankrupt, for only £1 in March 2015. It collapsed in April 2016 with the loss of 11,000 jobs and a pension deficit assessed at £571m.

Since then, Green has had to fend off calls for him to be stripped of his knighthood and, following months of pressure, he agreed to hand over £363m in cash to rescue the bust retailer’s pension scheme.

Aside from the M&S near-miss, the book, Damaged Goods, by the Sunday Times business journalist Oliver Shah, also states that:

• The tycoon bullied employees, often making female staff cry, and “delighted in undermining” senior staff. They included Terry Green (no relation), the man he hired to turn around BHS, and Roger Groom, the property director at Sears when Green acquired it, whom he would instruct in the mornings: “Roger, go and make us some tea.”
• One of Green’s American private equity partners expressed concerns over the accuracy of financial statements from Topshop provided for due diligence. Shortly after the concerns were raised in 2012, the firm, Leonard Green, bought a 25% stake for £350m, showing the concerns were assuaged.

For more read the full of article at The Guardian