Three yachts and a £950m fortune, but Green wants cash aid from the taxpayers
SIR Philip Green has been branded a “tight-fisted chancer” over plans to scoop taxpayers’ cash to pay the wages of 14,500 workers told to stay home under the lockdown.
Critics urged the controversial tycoon to cover the furlough costs himself by dipping into his £950million fortune or selling one of his three superyachts.
The 68-year-old will benefit from the taxpayer’s generosity when his store group Arcadia uses the Government scheme to cover 80 per cent of the wages of those sent home.
But the chairman – who spends much of his time in tax-haven Monaco – suffered a storm of criticism on social media yesterday.
One woman said he should cash in on £122million Lionheart or one of the other two luxury vessels he uses to sail around the millionaires’ playgrounds of the Mediterranean.
“Tell him to sell off one of his yachts,” she said. “That will bring him in a bob or two. The tight-fisted chancer.” And John Spiers wrote: “Normal people are being told they can’t get government support until they’ve used up their savings – how about he uses up his billion pounds?”
Sir Philip has sparked regular outrage with his business dealings, brash manner and flamboyant lifestyle.
He is chairman of Arcadia – which operates chains including Burton, Dorothy Perkins and Topman – but his wife Lady Tina, 70, owns the business. She is a resident of the low-tax principality of Monaco.
The group has temporarily closed its 550 shops under the lockdown. Under the Government’s job retention scheme, workers are entitled to have 80 per cent of their wages paid up to a monthly maximum of £2,500.
Announcing the group’s decision to apply for public funding, Arcadia chief executive Ian Grabiner said: “Safeguarding jobs is critical.
“We are grateful for the Government support offered by the job retention scheme which will enable us to furlough a substantial number of our colleagues who are unable to work.”
Once dubbed the King of the High Street, Sir Philip amassed an estimated £5billion, which put him among Britain’s top 10 richest people.
He grew up in north London, had well-to-do parents, and although he attended an elite private school, Carmel College, Oxon, did not go to university.
Instead, he took over the family business following the death of his father and made a fortune selling cheap imported clothes and bankrupt stock.
His first stock market venture Amber Day failed, but after resigning, he took over Arcadia, which had already added
Topshop, BHS and Miss Selfridge to Burtons, in 1992.
For decades, he and Lady Tina have lived in Monaco, though he regularly flies into London in his private jet and retains a suite at Mayfair’s Dorchester Hotel.
Sir Philip’s most severe criticism came after the way he managed the BHS store chain for 15 years before selling it for a nominal £1.
When it collapsed with the loss of 11,000 jobs a year later, the once flagship chain had debts of £1.3billion.
The company also had a pensions deficit of £571million – though Sir Philip was later shamed into repaying £363million into it.
In 2005, his family benefited from a £1.2billion dividend – a British record – taken from Arcadia and paid tax-free to Lady Tina.
A newspaper investigation found the family had saved £160million in tax by channelling payments through offshore accounts. His stewardship of the firm was branded a “lamentable failure” by Simon Walker, then director general of the Institute of Directors.
Sir Philip was dubbed the “unacceptable face of capitalism” by a committee of MPs, which called for him to be stripped of his knighthood.
He and Lady Tina became famous for lavish parties with guests including Kate Moss and Beyonce.
Sir Philip’s 55th birthday bash in the Maldives lasted five days, with guests treated to performances by Jennifer Lopez and the late George Michael.
Last year, the couple’s combined wealth stood at £950million – putting him down to 156th in the Sunday Times rich list – following the slump in Arcadia’s fortunes. Meanwhile Debenhams was on the brink of administration yesterday.
Executives at the 242-year-old high street chain were understood to be considering the move in a bid to fend off creditors left exposed in the turndown.
A consortium took over the company last year as part of a rescue plan.
A company spokesman said: “Our owners and lenders remain highly supportive.
“Whatever actions we may take will be with a view to protecting the business during the current situation.”