BHS history: the retailer’s rise and fall
Simply sign up to the Retail sector myFT Digest -- delivered directly to your inbox.
The demise of BHS — a one-time high street favourite that opened its doors in south-west London
1928 Group of US entrepreneurs opens a store in Brixton with the aim of emulating the success of Woolworths. Initially nothing cost more than a shilling at stores that sold lighting and had self-service cafés and food departments
1931 Lists on the London Stock Exchange
1985 Starts to franchise the brand overseas
1986 Merges with Habitat and Mothercare to form Storehouse plc
2000 Sir Philip Green buys British Home Stores for £200m from the Storehouse Group and rebrands it as BHS
2004 Sir Philip awards himself a £40m final dividend from BHS.
2005 Tina Green, Sir Philip’s wife, receives a £1.2bn dividend from Arcadia
2009 Arcadia buys BHS for about £200m
2011 Arcadia reports a 38 per cent drop in annual profits and announces plan to close up to 260 stores
2015 Sir Philip sells lossmaking BHS for £1 to Retail Acquisitions, led by Dominic Chappell, writing off £215m of debts in the process
March 2016 More than 95 per cent of landlords, suppliers and other creditors back the retailer’s company voluntary arrangement, a form of insolvency under which it can continue trading. Landlords agree to cut rents as BHS seeks to raise £100m from loans and property sales
April 22 Suffers delay in receiving a crucial £60m loan, jeopardising the rescue package
April 25 Files for administration after failing to secure a rescue, putting about 11,000 jobs at risk
Comments