The rise and fall of Sir Philip Green

Sir Philip Green was once admired for his successes within business and his contribution to the retail industry. Yet the tycoon has recently come under fire over the collapse of the Arcadia Group, which includes high street brands such as Top Shop, Burton and Dorothy Perkins.

Whilst Green remains one of the most influential figures within the British retail sector, the future of his empire is looking bleak and the jobs of just under 14,000 people are at risk.

Early life

Sir Philip Green has previously spoken about his journey from ‘rags to riches’ However, what many don’t know is that Green was, in fact, born into an affluent middle-class family.

Born in 1952 to Simon and Alma Green, his father was a prosperous property developer and electrical goods vendor. Green grew up working alongside his family in the retail business.

He eventually went on to become an apprentice, where he learnt about sourcing and shipping goods from overseas. This experience gave Green the knowledge he needed to launch himself into the world of business, creating his own start-up company at the age of 22, importing and retailing jeans.

Business endeavours

In 2000, Green bought BHS for £200m. He invested his own money and funds he borrowed from the bank in a bid to turn around the struggling company.

In 2002, he decided to copy this strategy and bought the Arcadia Group for £770m. Four years later, Green found himself in fifth place on the Sunday Times Rich List with his £4.6bn amassed fortune.

Dwindling fortunes

But by 2016, BHS had gone bust. Green was scrutinised for his part in the demise of the business. Many believed Green had taken hundreds of millions of pounds from the company before he sold it for £1 — leaving thousands without jobs.

Similarly, this year Sir Philip Green came under fire for the collapse of the Arcadia Group, which he runs but which his wife — Lady Cristina Green — owns. There are accusations that his mismanagement of the company and the consequences of the pandemic together forced the business into administration.

Green’s net worth fell to £930m as a result. Despite losing his billionaire status, Green can still be found on his £100m yacht whilst thousands of his employees find themselves without jobs.

More than 200,000 people have signed a petition to strip Green of his knighthood over his failure to protect his staff and his companies.