Home Commercial Property This is how much Sir Philip Green’s family made from selling BHS properties

This is how much Sir Philip Green’s family made from selling BHS properties

by Deleted Subscriber Content
30th Mar 15 10:53 am

A couple of weeks back, we learnt that retail billionaire Sir Philip Green had sold BHS for a measly £1.

BHS was debt-free but loss-making, to the tune of a £70m loss in 2013 and with a £100m pension liability.

So you might imagine that there was little – if any – money to be made for him out of the sale of the business.

You’d be wrong.

Sir Philip Green’s family firm has made a cool £70m from the sale of BHS properties, according to a report from the Guardian.

The 12 properties were sold to Retail Acquisitions, the slightly mysterious group of investors who bought the business.

But that £70m isn’t perhaps all it’s cracked up to be, as the Greens bought the BHS properties for £106m in 2001.

Annual rental income from BHS was around £11m.

“The properties were offered back to the company at a price of £70m, which effectively enabled the company to save £9m a year in rent,” Green told the Guardian.

“I think it is a good opportunity for them to start to cut into the losses at the business.”

The properties were sold by Carmen Properties, the Green family’s property firm, based in Jersey, a tax haven.

 

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