Nick Abbot 10pm - 1am
Who is Arcadia owner Sir Philip Green? A look at his net worth and business career
30 November 2020, 16:03
Sir Philip Green is at risk of his Arcadia retail business going into administration - but who is he? What’s his wealth? Here’s a look inside his business career.
Arcadia group owner Sir Philip Green is currently at risk of losing his retail empire, the Arcadia group, as they face administration.
With high street giants such as Topshop, Dorothy Perkins and Topman facing financial crisis, everyone is looking to Philip Green, age 68, and the personal details surrounding his net worth, family and how he made a name for himself as a businessman.
Once known as the ‘King of the High Street’, here’s everything you need to know about the man who owns Topshop including his failed Marks and Spencer big, his early career and his controversial lifestyle.
Who is Sir Philip Green and what’s his net worth?
The owner of the Arcadia group, Philip owns high street brands including Topshop, Dorothy Perkins, Miss Selfridge, Topman, Burton, Wallis and Evans.
Being the owner of such huge chains has seen him accumulate an estimated net worth and wealth of around £1.2billion in 2020 according to Forbes. The majority of this came from a dividend he and his wife paid themselves at the height of Topshop’s success.
This net worth is said to have been more than double that in 2018, when his retail empire hit their first financial hurdle when a private equity company sold their 25% stake in Topshop.
Philip Green is married to wife Christina "Tina" Green, the couple, who married in 1990, have daughter Chloe Green together. He has son Brandon Green from another relationship.
Sir Philip Green’s early business career
From Croydon in London, Sir Philip Green had a history of opening and closing businesses in his early career.
He learned the basics as an apprentice in a shoe factory before setting up his own business importing and selling jeans at 23 years old.
Philip officially made a name for himself when he invested large sums of money to high street chain, British Home Stores, BHS. This was the beginning of his Arcadia success.
Philip Green’s Marks and Spencer takeover
The Arcadia owner set his sights on Marks and Spencer in 2004 when he offered £10billion to buy the store after borrowing money from investment banks.
His two bids were unsuccessful which led him to have a hostile relationship with then owner, Sir Stuart Rose.
Sir Philip Green’s tax questions and Arcadia pension scandal
The 68 year old has made headlines in the past for some controversial financial affairs. This includes tax as his wife avoided paying any on her dividend due to living in Monaco. This led to protests outside some of his flagship stores.
However, it’s important to note Arcadia has paid significant funds in corporation tax.
There are also questions over the Arcadia pension pot which is in £571million deficit according to latest figures.