World News

Philip Green is ‘no longer a billionaire’ and ‘Arcadia is worthless’

Sir Philip Green is estimated to have lost his billionaire status after his fortune has reportedly halved in just one year.

The retail tycoon's net worth is believed to have plummeted due to a pension black hole in his empire.

The Sunday Times published its Rich List and has Sir Philip's fortune free-falling £1.05 billion in a year to £950 million.

But the plummet still leaves Sir Philip and his wife Tina at 156th on the list, down from joint 66th just 12 months earlier.

The Arcadia Group – which includes Topshop, Burton and Dorothy Perkins – was valued as worthless in this year's list, as the company tries to cope with a pension debt of £565 million.

The couple's stake in the company last year was valued at £750 million, while the compilers removed £300 million from their worth to allow the shoring up of the deficit.

With his fortune peaking at almost £5 billion in 2007, it is the first time in almost two decades that Sir Philip has not been listed as a billionaire.

Robert Watts, who compiled the list, said he struggles to envisage the tycoon returning to the "upper echelons."

"Sir Philip Green may have clung on to his knighthood, but we can no longer justify his status as one of the UK's billionaires," Mr Watts said.

"This is the first time since 2002 he has not been in that top tier of the UK's super rich individuals."

 The devaluation comes after sustained criticism against Sir Philip and calls for him to lose his knighthood.

He was lambasted over the collapse of BHS, affecting 11,000 jobs, 19,000 pension holders and leaving a £571 million hole in the pension scheme.

The businessman, who sold the department store chain to Dominic Chappell for £1 before it plunged into administration, agreed to pay £363 million towards the deficit.

Sir Philip also faced a slew of allegations recently, including of groping a female executive and making a racial slur at an employee.

The Croydon-born entrepreneur denied his behaviour was criminal or amounted to gross misconduct.

Source: Read Full Article