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200615 | Cornwall’s taxpayers to contribute £87,600 to retail boss Sir Philip Green as he dodges business rates

 

 

 

Cornwall’s taxpayers to contribute £87,600 to retail boss Sir Philip Green as he dodges business rates

Cornwall Council

 



Cornwall’s taxpayers to contribute £87,600 to retail boss Sir Philip Green as he dodges business rates

Posted By Julia Penhaligon on 15th June 2020

By Julia Penhaligon

Cornwall Council appears poised to write off more than £87,600 in unpaid business rates owed by Arcadia Group Ltd, led by the controversial former billionaire businessman Sir Philip Green and owned by his wife.

A recommendation to write off £87,638.50 will come before County Hall’s cabinet meeting on Wednesday. If agreed, the cost will fall on Cornwall council taxpayers.

Last year Sir Philip and his wife, Lady Tina, plummeted nearly 100 places in the Sunday Times annual Rich List but still managed to be worth £950 million.

A council official’s report says: “Arcadia Group Ltd creditors have approved a Company Voluntary Agreement (CVA). This included paying reduced business rates, and it is required for Cornwall Council to not collect £87,638.50 from the Company in 2019/20. It is therefore proposed that £87,638.50 is written off from Arcadia Group Ltd business rate account. It is anticipated that this will be mitigated by the provision for bad debts included in the collection fund.”

Arcadia is behind some of Britain’s best known retail chains, including Topshop, Dorothy Perkins, Burton and the now-defunct British Home Stores. Sir Philip’s stewardship of BHS was particularly controversial, as he pocketed more than £586 million during his period in charge yet left his workers facing a £571 million pension deficit.

 

 

Earlier this year there were reports that Arcadia was facing a winding up petition from its creditors. In April the company furloughed 14,500 of its 16,000 workers under the government’s Covid-19 Job Retention Scheme.

Sir Philip, 68, has faced numerous controversies, including alleged sexual harassment and racial abuse of his staff, alleged tax avoidance, alleged exploitation of sweatshop labour in third world countries and a demand from more than 100 MPs that he should be stripped of his knighthood. In the face of all allegations Sir Philip has always denied any wrongdoing.

juliapenhaligon@cornwallreports.co.uk

 

 

 

 

Via Cornwall Reports

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