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GLIDER 90
5th Mar 2018, 21:19
Evening All

With the closure of all the BHS Stores and 11,000 out of work due to Greens squandering. He should still face trail in court even through he has paid out 363 million into the BHS Pension Fund. With a 100 million super yacht and a 46 million private jet to swan around in the South of France, by the time they get the case together he would be dead. With most cities looking deserted because of the closure of a BHS Store, will they become derelict or will they become small shopping units inside the old stores or will they turn them in cafes or bars?

Glider 90

Gertrude the Wombat
5th Mar 2018, 21:22
With most cities looking deserted because of the closure of a BHS Store
Really? - I'm not sure I've ever been inside one in my life (unless it was in the way and there was a short cut through the shop). I can't be the only person in the country who was only vaguely aware of BHS shops and wouldn't really notice their absence.

topradio
5th Mar 2018, 21:39
Really? - I'm not sure I've ever been inside one in my life (unless it was in the way and there was a short cut through the shop). I can't be the only person in the country who was only vaguely aware of BHS shops and wouldn't really notice their absence.

The eastern end of the Grafton Centre has looked pretty sad for the last 18 months or so.

Gertrude the Wombat
5th Mar 2018, 21:49
The eastern end of the Grafton Centre has looked pretty sad for the last 18 months or so.
Cambridge is a bit weird, isn't it, because it's got the Grafton Centre for plebs to buy cheap tat, and the Grand Arcade for people who want to buy really expensive tat, but nowhere in the middle for ordinary normal people to go shopping.

Eh?? WTF did I say there?? Of course, "ordinary normal" people don't "go shopping", that's part of the definition of an "ordinary normal" person. When something breaks or wears out then yes, you probably do have to buy a new one, but that's mostly online these days, and that's it for "shopping".

(OK so I have been to the eastern end of the Grafton Centre within living memory - one of my (adult, in theory) children got me to take him to the Star Wars fillum at Christmas. I didn't look at or notice the shops, though.)

Krystal n chips
6th Mar 2018, 06:19
Leaving aside his less than pristine reputation, the departure of BHS from the High Street isn't going to make any significant difference.

You could argue that the closure of Wooly's had more of an impact until B & M filled the gap. One shops at B & M by the way ( which is a bit common for the retail cognoscenti of JB I know ) along with charity shops and has never had any sort of brand loyalty to any outlet given this is a good way to part with money without really trying.

BHS are just one name to join the list as this article explains and the reasons why.

Future of the British High Street: Impact of internet, Brexit, and more - Business Insider (http://uk.businessinsider.com/future-british-high-street-internet-brexit-retail-2017-8)

pr00ne
6th Mar 2018, 08:55
Most cities in the UK do NOT look deserted!

Planemike
6th Mar 2018, 10:03
Really? - I'm not sure I've ever been inside one in my life (unless it was in the way and there was a short cut through the shop). I can't be the only person in the country who was only vaguely aware of BHS shops and wouldn't really notice their absence.


I am sure there are 25000 people who would not agree with you. That is before we start counting the customers....

ian16th
6th Mar 2018, 10:11
The view from afar is that UK Pension Fund laws need severe tightening.

A good start would be to copy a South African one that requires 50% of fund trustees to be elected by fund members.

'Fund members' includes employees, pensioners and deferred pensioners.

mikemmb
6th Mar 2018, 10:54
The view from afar is that UK Pension Fund laws need severe tightening.

A good start would be to copy a South African one that requires 50% of fund trustees to be elected by fund members.

'Fund members' includes employees, pensioners and deferred pensioners.

Quite right!
........although looking at the recent Carrilion debacle that would not prevent the board having to make really difficult decisions, like shall we:
(a) pay money into the pension fund to reduce the deficit or
(b) pay ourselves bonuses & issue dividends.

No prizes for guessing the result!

Ken Borough
6th Mar 2018, 10:55
A good start would be to copy a South African one that requires 50% of fund trustees to be elected by fund members.

Interesting. In Australia the (conservative) Federal Government is trying to do something similar but with evil intent. A number of unions run pension funds (aka Industry Funds) in competition with the commercial sector. Evidence suggests that they secure better returns for members and charge lower fees. The Guvmint and their RWNJ supporters say 'not so' and claim that the funds bankroll the more progressive opposition (and alternative government). The industry fund trustees are pretty much made up of union people but are member elected.

One area in Australia that requires strengthening is the practice of some unscrupulous employers diverting pension fund contributions to help the cash flow of the business. When the enterprise goes 'wheels up', there's little or zero money for the employees pension fund. So often the employees are left without their rightful entitlements while the company owners walk away from the mess without any action taken against then for non-compliance with the law. There is a view held by some politicians that workers are entitled to very little.

teeteringhead
6th Mar 2018, 12:05
BHS was always good for light fittings......

wowzz
6th Mar 2018, 12:54
BHS was always good for light fittings......

And the fish and chips weren't bad either.

ian16th
6th Mar 2018, 14:57
And the fish and chips weren't bad either.
BHS HQ on Marylebone Rd, were a customer of mine. c1965-7

Visiting workers had access to the Staff Canteen, an excelent lunch for 2/6.

On Fridays there was a 'special' at 3/6, this got you the choice of fillet steak.

Gertrude the Wombat
6th Mar 2018, 17:23
BHS was always good for light fittings......
Oh yes, I remember people saying that, before the paper globe lampshades were invented (1970s some time wasn't it?).

Pontius Navigator
6th Mar 2018, 17:38
I was in St James's Precint in Lincoln today. Homebase is running down, Lidl is now a Lidl Outlet flogging stuff that they couldn't flog before. BHS is empty, Toys R Us has a closing down sale and Malkin under threat. The loss of half the stores in the nearest precinct to the High Street will be a huge loss to the city centre. The cheap discounters such Range and B&M are already established further out.

dpsilverba
6th Mar 2018, 18:29
.... The cheap discounters such Range and B&M are already established further out.

B&M are opening in the former BHS store in Fareham Shopping centre on the 17th of the month. This is in addition to the one in a retail park a couple of miles away.

Unfortunately, as one door opens - another closes. The M&S store at the opposite end of the mall goes in just over a months time as part of that company's restructure :(

Pontius Navigator
6th Mar 2018, 19:51
The M&S store at the opposite end of the mall goes in just over a months time as part of that company's restructure :(

Whether M&S can make a successful transition as a grocer to rival Waitrose and an online fashion retailer remains to be seen. By ceding the High Street to Primark they risk losing critical mass. On the High Street people could pop in; out of town, and 30 miles away, it will be a rare visit.

The AvgasDinosaur
6th Mar 2018, 19:55
The huge BHS emporium in Stockport's merseyway is now opening as a Poundland 😡💩💩
Be lucky
David

meadowrun
7th Mar 2018, 00:34
These kind of pension fund problems arise when:
The employer does not contribute their portion or
The employer uses pension funds for other purposes.


A bit amazing that government has not legislated some titanium ring fencing around peoples pension funds to prevent these crimes (I'll call them crimes).
They are far from uncommon. Take Sears Canada now for instance.
You folks at Sears in the states - Have you taken a good look at your pension health and future health? Methinks you're on the business worry list.

gupta
7th Mar 2018, 02:18
One area in Australia that requires strengthening is the practice of some unscrupulous employers diverting pension fund contributions to help the cash flow of the business. When the enterprise goes 'wheels up', there's little or zero money for the employees pension fund. So often the employees are left without their rightful entitlements while the company owners walk away from the mess without any action taken against then for non-compliance with the law. There is a view held by some politicians that workers are entitled to very little.

The Tax Office rules have changed now. Outstanding Tax & Superannuation Guarantee Payments can be pursued to individual Directors, and, believe it or not, their immediate family members

radeng
7th Mar 2018, 16:12
When Lord Weinstock set up the Stanhope Pension Fund for GEC employees, a fundamental rule of it was that no more than 5% of its funds could be invested in GEC or a GEC owned company. The Pension Fund still ended up with a deficit, though, after the two 'imports' took over and sold every subsidiary off to invest in 'dotcom' companies - and broke Marconi, as it was then called.

But Weinstock did his best to prevent at any time a Maxwell/Daily Mirror raid on the pension fund.

PDR1
7th Mar 2018, 18:23
When Lord Weinstock set up the Stanhope Pension Fund for GEC employees, a fundamental rule of it was that no more than 5% of its funds could be invested in GEC or a GEC owned company. The Pension Fund still ended up with a deficit, though, after the two 'imports' took over and sold every subsidiary off to invest in 'dotcom' companies - and broke Marconi, as it was then called.

But Weinstock did his best to prevent at any time a Maxwell/Daily Mirror raid on the pension fund.

This has been the law of the land in UK since before 1995 - a company pension scheme cannot invest more than 5% of its funds in the sponsoring company or any of its associated businesses.

PDR

radeng
8th Mar 2018, 14:13
Weinstock did it in 1973, though.....