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House Of Fraser "deal"
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The people who are allowing the new owner should hang their heads in shame for letting him have the deal without covering the existing pension bill. Its also reported in the paper today that they wont be honouring gift vouchers after the changeover. What an utter disgrace.
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House of Fraser was already in administration when Mike Ashley made an offer to buy it. That meant that
(a) if no offer had been forthcoming all of the stores would have had to close (with the loss of many jobs) ; and
(b) the pension scheme was automatically transferred to the Pension Protection Fund. (That happens to increase the chances of a firm in administration being able to come out of it, thus protecting jobs).
While existing gift vouchers can't be honoured directly in House of Fraser stores, customers simply need to post them to the company's head office (27 Baker Street, London W1U 8AH) to receive new gift vouchers in exchange.
(a) if no offer had been forthcoming all of the stores would have had to close (with the loss of many jobs) ; and
(b) the pension scheme was automatically transferred to the Pension Protection Fund. (That happens to increase the chances of a firm in administration being able to come out of it, thus protecting jobs).
While existing gift vouchers can't be honoured directly in House of Fraser stores, customers simply need to post them to the company's head office (27 Baker Street, London W1U 8AH) to receive new gift vouchers in exchange.
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// They get away with it because the alternative is administration. //
OG as s/o once so wisely said: ( about Virginia gun laws I think) the law is the law....and then shrugged and clucked regretfully
HoF went into admin and the admin were appointed. The section of law that applies then is that if there is a buyer for the business ( = good a lot of the time ) the pension liabilities of the administrated co stay where they are -with the admin and come under the Pension Protection Fund which routinely pays out 80% - even of current pensions ( oo-er-Mrs!)
If Mike Adhley had bought the co before it went into admin he would have got everything inc the pension fund
You may think he therefore waited as the little fellow was probably aware of the rules - you may think that I couldnt possibly comment
OG as s/o once so wisely said: ( about Virginia gun laws I think) the law is the law....and then shrugged and clucked regretfully
HoF went into admin and the admin were appointed. The section of law that applies then is that if there is a buyer for the business ( = good a lot of the time ) the pension liabilities of the administrated co stay where they are -with the admin and come under the Pension Protection Fund which routinely pays out 80% - even of current pensions ( oo-er-Mrs!)
If Mike Adhley had bought the co before it went into admin he would have got everything inc the pension fund
You may think he therefore waited as the little fellow was probably aware of the rules - you may think that I couldnt possibly comment
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It had to go to PPS as an interim thing. Discussions will now go on over the next few months and the regulator will look at whether Ashley is trying to avoid any obligations. . Tom McPhail is optimistic. Have a listen.
It had to go to PPS as an interim thing. Discussions will now go on over the next few months and the regulator will look at whether Ashley is trying to avoid any obligations. . Tom McPhail is optimistic. Have a listen.
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