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Sale of BHS: Winner Takes All in the Stakeholder Stakes

by Nigel Kendall

Sale of BHS (article image)

As another large retailer, British Home Stores (BHS) goes into administration, leaving a huge pension deficit, our latest ACG case study looks in-depth at the facts and the corporate governance of the organisation, in particular the owners, Philip Green and then Dominic Chappell, against our Golden Rules. 


This is a tale whose conclusion is yet to play out, but however it develops, there are lessons for corporate governance in the story to date, which are unlikely to be changed by the end-game. It relates to an old-established UK retailer which was sold by its privately-owned parent group to a start-up company for £1 and which went into administration…

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