Sir Philip Green has said that all cash made from BHS sale and leasebacks was invested back into the business.
Speaking in parliament at the select committee he said: “A number of properties were purchased on an external valuation paid for in cash and the cash was injected into the company and then they were reinvested like any normal company – it was a typical sale and leaseback sale and 100% of the funds were invested back into BHS.”
When BHS completed the sale and leaseback deal for its estate 14 years ago, £152m was extracted from the deal.
Green added: “At the time someone suggested it was something that we should do so we did it. The company was trading well and it seemed like a sensible transaction at the time. Since then we have not done any more sale and leasebacks.”
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