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Philip Green delays Baugur deal

While just a few days ago it seemed as though the deal for Icelandic outfit Baugur was almost done and dusted with BhS owner Philip Green set to take control of the groups debts of around £1 billion and start to cherry picking the parts of the group which he was interested in, the deals seems to have turned sour. Officially the deal is on ice because of political interference and other issues but there is talk that the deal is actually off as Philip Green seeks to concentrate on the assets he currently holds.

Arcadia, one of the parts of the Philip Green portfolio, announced a 5% fall in pre-tax profits and a slight fall in turnover today. Even though set against the rest of the sector the results are actually quite good there seems to be more doom and gloom descending on the UK high street. Sales are falling, margins are under pressure and many retailers are seeing their debt levels rise to uncomfortable levels.

Perhaps now is the time for the indestructible Philip Green to pull in his ideas and concentrate one what is at hand as we move into the worst high street conditions for decades.

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