Business advice from this Lord? I don’t think so!

As Peers prepare to inflict more damage on the ‘Brexit Bill’ this week, the businessman Lord Bilimoria will again be at the centre of the revolt.

the founder of Cobra Beer, who arrogantly says the house of Lords knows what is best for Britain, is determined to scupper the referendum result.

Urging against changing Britain’s business relationship with the EU, the crossbench peer says: ‘When you make a change in business, you do so if there is a “burning platform” — if you have to make the change — or to make a change for the better, to improve things.’

he knows all about burning platforms (that fashionable business buzz phrase for a crisis). In 2009, his company went into ‘pre-pack administration’ with debts to creditors of around £71 million.

On the same day the company went into administration, the business was reformed through the creation of Cobra Beer Partnership, a joint venture with american brewer Molson Coors. Bilimoria remained as chairman.

Pre-pack deals are legal, but have been criticised for enabling directors to jettison debts and loss-making parts of a business at the expense of creditors.

Bilimoria said at the time: ‘I want to make sure that my creditors have been settled. they will be paid off over time, but it may not be the full amount. It will be whatever each person is happy with and is settled with.’

he then sought to create sympathy for his own plight, saying: ‘I am now earning a fraction of what I was earning before. I had a car and a driver but I no longer have that.’

Claiming £11,000 in tax-free attendance allowance from the Lords last year, is he really in a position to lecture the rest of us about what is best for the country?