Sir Philip Green should have listened to advice from Goldman Sachs over Retail Acquisitions – the MPs certainly took note.
Goldman Sachs merely had a walk-on role in the great BHS sale giveaway, but Sir Philip Green should have listened more closely to Anthony Gutman, his old mucker from the investment bank.
Gutman seems to have taken about two minutes to spot the obvious flaw in selling BHS, a loss-making chain of department stores with 11,000 staff and 20,000 pensioners, to Retail Acquisitions: the outfit was led by Dominic Chappell, a former bankrupt individual with no retail experience waving a sketchy business plan. Gutman did the sensible thing and flagged his worries to Paul Budge, finance director of Green’s Arcadia group.
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