Candelle. Phillip Green out borrowings of over £300m which was virtually the same amount as the dividend paid to his wife. It was ostensibly for updating and redeveloping the company. If he had kept that money in the company it would not have gone bust.
He sold the company for £1 plus a fixed and floating charge of £35m. It was calling in that charge that brought the company down.
He is still being investigated by the Fraud Squad, the Insolvency Services Fraud Squad and a Parliamentary Committee. It is too soon to say that he did nothing wrong. It certainly seems likely that there are reasons for the Receiver to use their claw back powers to recover the money he paid to his wife.
I think that he has made that payment to keep her out of it.
He may not be a crook but it is too early to decide that and he is certainly not ethical.
Good Morning Saturday 16th May 2026


