Cowell pays £10m to buy ‘toxic’ Green out of his Syco business
SIMON Cowell has forced Sir Philip Green out of his business, weeks after the high street tycoon faced accusations of bullying, sexual harassment and racism.
The X Factor judge is believed to have spent about £10million buying Sir Philip’s five per cent shareholding in Syco.
The deal is believed to have been brokered by Tory peer Karren Brady, who chairs Taveta, the holding company of Sir Philip’s Arcadia retail empire.
Friends of Cowell, 59, said the friendship broke down when Sir Philip’s BHS chain collapsed in 2016, leaving a £571million pension black hole and sparking calls to strip him of his knighthood.
Cowell reportedly lost respect for Sir Philip’s handling of the crisis – and was aghast when he upgraded his yacht and took delivery of a £100million boat as the scandal unfolded.
Sir Philip, 66, later came under fire for cruising the Mediterranean with wife Tina as BHS pensioners feared for their future.
A source said: “Philip has finally realised that his relationship with Simon is over.”
Billionaire Sir Philip had turned down repeated offers from Cowell before finally deciding to walk away from the business.
A friend of Cowell said the music mogul believed the link to Sir Philip had become “toxic”.
The pal added: “Simon is relieved it’s all over. It has taken a while to sort out but he is glad he can finally draw a line under the whole business.” In 2009 Cowell and Sir Philip gave a joint interview to GQ magazine, where Sir Philip talked about why they were working together.
“We both understand the consumer. We know what the public wants,” he said.
Sir Philip had been the centre of an eight-month investigation by the Daily Telegraph, which said former employees had accused him of sexual and racial harassment.
Sir Philip has “categorically and wholly” denied the claims.
Cowell declined to comment last night.