| BHS The end of an era 13:55 - Apr 25 with 4646 views | Lord_Bony |
11,000 jobs to go including the closure of the Swansea branch.
The present owners bought it for a pound off Philip Greene took out a couple of million for themselves then put it into administration...that's not right..
http://www.bbc.co.uk/news/business-36123444
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| BHS The end of an era on 20:22 - Apr 25 with 1151 views | blueytheblue |
| BHS The end of an era on 20:18 - Apr 25 by Lord_Bony |
Over £1,6 billion gone missing ,half a billion of which is the employees pension funds..it seems he and the new people have siphoned off money left right and centre making the business unsustainable. |
Has it gone "missing", an emotive claim or is the pot not as it was expected? Big difference given most pensions are backed by investments. Which funnily enough can go up or down. Reality is, people living longer drain pension funds.
The business was I'd suggest more unsustainable by people not f***ing shopping there - buying things cheaper online for example makes traditional high street businesses unsustainable. |  |
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| BHS The end of an era on 20:34 - Apr 25 with 1138 views | Lord_Bony |
If it was in the right hands there was a good chance it could have been turned around...the business model was out dated but it could have been revamped and relaunched.Many leading retailers have said the same thing.
164 stores in the UK and more abroad put it in a good position.
The problem is the last lot who bought it for a pound paid themselves millions and then put the whole lot into administration...no one even saw it coming. That is what makes this so annoying.
I will guarantee that every person who has worked there for years will not get anywhere near the pension they were promised.
11,000 jobs gone in a day from a company that has been trading since 1928 is a bitter pill to swallow for the UK. | |
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| BHS The end of an era on 20:40 - Apr 25 with 1122 views | Ebo |
| BHS The end of an era on 20:22 - Apr 25 by blueytheblue |
Has it gone "missing", an emotive claim or is the pot not as it was expected? Big difference given most pensions are backed by investments. Which funnily enough can go up or down. Reality is, people living longer drain pension funds.
The business was I'd suggest more unsustainable by people not f***ing shopping there - buying things cheaper online for example makes traditional high street businesses unsustainable. |
I knew you'd pop up on here and defend this tory scumbag. Filth. |  |
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| BHS The end of an era on 20:40 - Apr 25 with 1126 views | blueytheblue |
Nobody will get the pension they expected. People failed to factor in aging populations draining pension funds.
People these days buy online. Ebay, Gumtree, Amazon, numerous companies with an online only presence. You've the same(ish) number of high street stores chasing a falling number of customers. Could it have been run better, yes. Should it have modernised, yes. Would it have failed eventually anyway? Probably.
the reality is modern shopping habits are changing fairly dramatically. Businesses are going to fail. | |
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| BHS The end of an era on 20:42 - Apr 25 with 1123 views | builthjack |
| BHS The end of an era on 19:59 - Apr 25 by blueytheblue |
For what crime exactly? |
Do you think its OKto pay a £400m dividend from BHS to his wife, as the pension pot for the workers disappears? |  |
| Swansea Indepenent Poster Of The Year 2021. Dr P / Mart66 / Roathie / Parlay / E20/ Duffle was 2nd, but he is deluded and thinks in his little twisted brain that he won. Poor sod. We let him win this year, as he has cried for a whole year. His 14 usernames, bless his cotton socks.
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| BHS The end of an era on 20:42 - Apr 25 with 1116 views | builthjack |
The man has no shame. Pure greed. | |
| Swansea Indepenent Poster Of The Year 2021. Dr P / Mart66 / Roathie / Parlay / E20/ Duffle was 2nd, but he is deluded and thinks in his little twisted brain that he won. Poor sod. We let him win this year, as he has cried for a whole year. His 14 usernames, bless his cotton socks.
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| BHS The end of an era on 20:44 - Apr 25 with 1114 views | blueytheblue |
| BHS The end of an era on 20:42 - Apr 25 by builthjack |
Do you think its OKto pay a £400m dividend from BHS to his wife, as the pension pot for the workers disappears? |
Dividends come from profits, not pension pots. Most pensions are backed by investment funds; as the stock market fluctuates so does the pension pot value.
As Lisa explained earlier, post Maxwell pension pots have been fairly well ringfenced. If you've evidence of any wrongdoing, please contact the police. | |
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| BHS The end of an era on 20:55 - Apr 25 with 1096 views | Lord_Bony |
| BHS The end of an era on 20:42 - Apr 25 by builthjack |
Do you think its OKto pay a £400m dividend from BHS to his wife, as the pension pot for the workers disappears? |
Exactly..that money could have been paid into the pension fund deficit or at least a chunk of it...now the British taxpayer will have to make up the short fall of the pension funds...hundreds of millions that could have been spent elsewhere.... | |
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| BHS The end of an era on 20:56 - Apr 25 with 1093 views | dailew |
| BHS The end of an era on 20:44 - Apr 25 by blueytheblue |
Dividends come from profits, not pension pots. Most pensions are backed by investment funds; as the stock market fluctuates so does the pension pot value.
As Lisa explained earlier, post Maxwell pension pots have been fairly well ringfenced. If you've evidence of any wrongdoing, please contact the police. |
Not in this case. The dividend was paid by using a loan.
http://www.ft.com/cms/s/0/2e6e4f3a-41d0-11da-a45d-00000e2511c8.html
"Arcadia, which he bought three years ago for £866m, only made a pre-tax profit of £253m, up from £246m the year before, on sales of £1.77bn (£1.66bn). To finance the £1.3bn total dividend payment, he has borrowed about £1bn, dwarfing the net cash flow of £404m (£365m) for the year to August 27." |  |
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| BHS The end of an era on 21:00 - Apr 25 with 1082 views | builthjack |
| BHS The end of an era on 20:44 - Apr 25 by blueytheblue |
Dividends come from profits, not pension pots. Most pensions are backed by investment funds; as the stock market fluctuates so does the pension pot value.
As Lisa explained earlier, post Maxwell pension pots have been fairly well ringfenced. If you've evidence of any wrongdoing, please contact the police. |
He'sas bad as Maxwell bluey. One day soon . | |
| Swansea Indepenent Poster Of The Year 2021. Dr P / Mart66 / Roathie / Parlay / E20/ Duffle was 2nd, but he is deluded and thinks in his little twisted brain that he won. Poor sod. We let him win this year, as he has cried for a whole year. His 14 usernames, bless his cotton socks.
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| BHS The end of an era on 21:03 - Apr 25 with 1076 views | blueytheblue |
| BHS The end of an era on 21:00 - Apr 25 by builthjack |
He'sas bad as Maxwell bluey. One day soon . |
If he's done anything untoward and illegal, then as always I condemn him... my point being a lot of angst from the Mirror et al is politically driven more than anything else. | |
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| BHS The end of an era on 21:09 - Apr 25 with 1064 views | londonlisa2001 |
| BHS The end of an era on 20:42 - Apr 25 by builthjack |
Do you think its OKto pay a £400m dividend from BHS to his wife, as the pension pot for the workers disappears? |
It wasn't from BHS as I've already said - it was from another of his companies.
However, again as I've said - it was an appalling use (though entirely legal) of tax loopholes which should be closed. | | | |
| BHS The end of an era on 21:10 - Apr 25 with 1062 views | Lord_Bony |
| BHS The end of an era on 21:03 - Apr 25 by blueytheblue |
If he's done anything untoward and illegal, then as always I condemn him... my point being a lot of angst from the Mirror et al is politically driven more than anything else. |
The guy is a Tory well protected by Cameron and adored by Tories across the land.
His business model is take over a large company,keep borrowing on its behalf then pay to self,refinance the business and pay more to self and shareholders....ad infinitum until the debt of the company is so huge it cannot be paid back then the tax payer is left to foot the bill.
Most criticism of him is not politically driven its just observation of his practices which are only just within the law... | |
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| BHS The end of an era on 21:11 - Apr 25 with 1060 views | londonlisa2001 |
| BHS The end of an era on 20:34 - Apr 25 by Lord_Bony |
If it was in the right hands there was a good chance it could have been turned around...the business model was out dated but it could have been revamped and relaunched.Many leading retailers have said the same thing.
164 stores in the UK and more abroad put it in a good position.
The problem is the last lot who bought it for a pound paid themselves millions and then put the whole lot into administration...no one even saw it coming. That is what makes this so annoying.
I will guarantee that every person who has worked there for years will not get anywhere near the pension they were promised.
11,000 jobs gone in a day from a company that has been trading since 1928 is a bitter pill to swallow for the UK. |
As I said earlier, the only way it could have survived was by following the John Lewis model. The workers have been let down by the people at the top lacking vision in my view - it's very sad for all of them. | | | |
| BHS The end of an era on 21:13 - Apr 25 with 1056 views | londonlisa2001 |
| BHS The end of an era on 20:56 - Apr 25 by dailew |
Not in this case. The dividend was paid by using a loan.
http://www.ft.com/cms/s/0/2e6e4f3a-41d0-11da-a45d-00000e2511c8.html
"Arcadia, which he bought three years ago for £866m, only made a pre-tax profit of £253m, up from £246m the year before, on sales of £1.77bn (£1.66bn). To finance the £1.3bn total dividend payment, he has borrowed about £1bn, dwarfing the net cash flow of £404m (£365m) for the year to August 27." |
That's the cash element - you can only pay dividends if there are sufficient retained profits.
Don't get me wrong - it was awful, I'm just saying what the mechanics were. | | | |
| BHS The end of an era on 21:14 - Apr 25 with 864 views | Lord_Bony |
| BHS The end of an era on 21:11 - Apr 25 by londonlisa2001 |
As I said earlier, the only way it could have survived was by following the John Lewis model. The workers have been let down by the people at the top lacking vision in my view - it's very sad for all of them. |
Even the government should have had fair warning of what was coming and could at least come up with some plan to salvage the situation.
The problem is these pirates were out for themselves and just pulled the plug after plundering the kitty. | |
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| BHS The end of an era on 21:19 - Apr 25 with 853 views | ItchySphincter |
| BHS The end of an era on 20:56 - Apr 25 by dailew |
Not in this case. The dividend was paid by using a loan.
http://www.ft.com/cms/s/0/2e6e4f3a-41d0-11da-a45d-00000e2511c8.html
"Arcadia, which he bought three years ago for £866m, only made a pre-tax profit of £253m, up from £246m the year before, on sales of £1.77bn (£1.66bn). To finance the £1.3bn total dividend payment, he has borrowed about £1bn, dwarfing the net cash flow of £404m (£365m) for the year to August 27." |
Paid by using a loan for cash maybe but not paid from money raised from a loan. |  |
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| BHS The end of an era on 21:21 - Apr 25 with 849 views | builthjack |
| BHS The end of an era on 21:09 - Apr 25 by londonlisa2001 |
It wasn't from BHS as I've already said - it was from another of his companies.
However, again as I've said - it was an appalling use (though entirely legal) of tax loopholes which should be closed. |
Pure greed from thieving bstds who always want more and more Lisa. | |
| Swansea Indepenent Poster Of The Year 2021. Dr P / Mart66 / Roathie / Parlay / E20/ Duffle was 2nd, but he is deluded and thinks in his little twisted brain that he won. Poor sod. We let him win this year, as he has cried for a whole year. His 14 usernames, bless his cotton socks.
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| BHS The end of an era on 22:13 - Apr 25 with 810 views | Jack123 |
I was reading somewhere that the ones who bought it off Greene for a quid, give themselves an 8.4 million loan , when the firm was on its ars*..All stinks to me.. http://www.theguardian.com/business/2016/mar/04/owners-84-million-pound-loan-fro
Tell you something though, I can still remember the food hall they had there back in the 70s when I was a kid..Best cream cakes in Swansea :) |  |
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| BHS The end of an era on 11:04 - Apr 26 with 713 views | father_jack |
genuinely like going back 20 years if u go in the one in town. |  |
| DRINK, FECK, GIRRRRLLSSS! |
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| BHS The end of an era on 11:10 - Apr 26 with 706 views | Joe_bradshaw |
Light fittings.
F**k all else...... |  |
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| BHS The end of an era on 11:30 - Apr 26 with 697 views | father_jack |
exactly what i went in to buy  | |
| DRINK, FECK, GIRRRRLLSSS! |
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| BHS The end of an era on 13:41 - Apr 26 with 657 views | Loyal |
Pharmacies flourish in the modern 24 hr era.
Scripts galore. |  |
| Nolan sympathiser, clout expert, personal friend of Leigh Dineen, advocate and enforcer of porridge swallows.
The official inventor of the tit w@nk. | | Poll: | Who should be Swansea number 1 |
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| BHS The end of an era on 18:55 - Apr 26 with 728 views | Lord_Bony |
I called into the Newport branch today out of curiosity and I have to say...jeez..it was like shopping in the 70s I dont think anything has changed except decimalization on the price tags.
The place was grubby,plain and run down...its obvious the company needed investment put back in not money taken out. Huge store but what a waste of space,yes they love their light fitting dept there as well!
In my opinion that brand and their stores could have been turned around big time if someone had put in the TLC required and sold things that were more flavour of the month....the place was packed out and the tills busy...albeit for mainly the senior citizens.
What a waste of another great British institution. | |
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