MPs have called on the accountancy regulator to consider investigating PricewaterhouseCoopers’ auditing of Sir Philip Green’s wider retail empire, after the firm was hit with a record fine over the handling of BHS under his ownership. The Financial Reporting Council confirmed late on Tuesday that PwC had been handed a record £6.5m fine, reduced from £10m after it agreed to settle and admitted misconduct. Steve Denison, one of the firm’s senior accountants who audited BHS’s accounts ahead of its sale for £1 a year before the department store chain collapsed, is separately facing a 15-year ban and record personal fine of £325,000 from the industry watchdog. The fine was reduced from £500,000 after Denison admitted misconduct. The Commons work and pensions committee, which carried out an investigation into the demise of the department store in 2016, is pressing the FRC on whether further investigation and wider sanctions are called for. … [Read more...] about MPs call for scrutiny of PwC auditing of Philip Green’s retail empire
News / UK by Press Association 30/05/2018, 11:58 am FacebookTwitterWhatsAppEmail Send us a story Sign up to our Daily newsletter Topshop boss Sir Philip Green has been fined £1,500 over a stunt to promote TV show Stranger Things in the retail chain’s Oxford Street store. Advertisements for the Netflix science fiction programme went up despite warnings from the council that they would be in breach of the law, Westminster Magistrates’ Court heard. The adverts formed part of a promotion to mark the second series of the drama series, which is set in the 1980s, in the days leading up to Halloween last year. Neither Sir Philip, 66, nor a representative from the firm, comprising Topshop and Topman, appeared in court on Wednesday. Barrister Ian Winter entered a guilty plea to a single charge of breaching planning rules on behalf of both the businessman and his company. Magistrates fined Sir Philip and his company £1,500 each and … [Read more...] about Sir Philip Green fined for ads promoting sci-fi show Stranger Things
The billionaire retail mogul Philip Green is in Iceland and met earlier today with the country’s finance minister. Green, one of Britain’s top-ten richest people, met the minister along with several key figures from Baugur. Baugur is the Icelandic investment company that owns several of Britain’s biggest high street names and employs 60,000 Britons. After the meeting, Green declined to comment, but Jon Asgeir Johannesson, Baugur Chairman, said the meeting had centred on Anglo-Icelandic relations and how they are affecting Baugur’s business in its key market. Sources say that Green has become a significant Baugur shareholder, but neither he nor Johannesson would confirm this, according to Visir.is. … [Read more...] about Philip Green and Baugur meet Icelandic minister
The jewel in Sir Philip Green’s retail empire, TopShop, swung to a loss as tough times on the High Street took their toll on the fashion chain. TopShop and TopMan made a loss of £10.8 million for the year to August 26, down from profits of £59.4 million the year before. Profits were hit by factors such as costs relating to leases on loss-making stores, fresh accounts show. The business’s revenues also edged down to £933.6 million from £990 million. Last week TopShop’s parent company Taveta Investments — which owns a string of brands including Dorothy Perkins and Wallis — reported a 42% drop in profits to £124 million. Sales were down 5.6% to just over £1.9 billion. It has now become apparent that the majority of the fall in Taveta’s profits came from TopShop and TopMan. The reputation of Green has been tarnished by the collapse of BHS just more than a year after he sold it. TopShop last year brought in … [Read more...] about Sir Philip Green sees TopShop falls into the red
The race to be the least popular businessman called Philip Green — the one with the least admirable legacy — has always been competitive. Lately, the less famous Philip Green (the Mr not the Sir) is well ahead. This week it emerged that profits at the retail empire run by the man who is still Sir Philip fell 42% to £124 million. The TopShop chain remains a going concern though, to say the least. It has sales of £2 billion. It owns half of Oxford Street. Sir Philip was dubbed the “unacceptable face of capitalism” by MPs including Frank Field for the nasty business over at BHS, which collapsed with holes in its pension fund. Sir Philip has recently complained that he behaved correctly, telling the Mail on Sunday that having written a cheque for £363 million he didn’t deserve vilification. “Nobody has ever said, ‘This man behaved like a gentleman, his family behaved properly’.” In terms of PR, Sir Philip might be his own … [Read more...] about Simon English: Who’s the worst Philip Green that ever you’ve seen?