Proactive Investors - Run By Investors For Investors

Beaufort Securities Breakfast Alert - Sir Philip Green faces more pension questions from Frank Field

Beaufort Securities Breakfast Alert - Sir Philip Green faces more pension questions from Frank Field


The FTSE-100 finished Friday's session 0.83% higher at 7,294.70, whilst the FTSE AIM All-Share index was up 0.85% at 1,038.88. In continental Europe, the CAC-40 finished 1.13% higher at 5,281.58 whilst the DAX was up 0.86% at 12,451.96.

Wall Street
Last Friday in New York, the Dow gained 19.01 points to end the week at 25,219.38. The S&P-500 added 1.02 points to close at 2,732.22 and tech-focussed Nasdaq finished 16.96 points lower at 7,239.47. The New York Stock Exchange is closed today for Presidents' Day..

In Asia this morning, the Nikkei 225 was up 409.39 points, or 1.88%, at 22,129.64 heading into the close. Meanwhile, the Hang Seng remains closed for Lunar New Year.


At around 6:15am, WTI crude was 1.2% higher at $62.42 per barrel and Brent was up 0.79% at $65.35 per barrel.



Sir Philip Green faces more pension questions from Frank Field
MPs are to scrutinise pension schemes at the retail empire of Topshop boss Sir Philip Green. Frank Field, chairman of the Work and Pensions Committee, says the move follows reports Sir Philip is in talks to sell all or part of his business. The Sunday Times claimed that the billionaire had held talks with Chinese textiles giant Shandong Ruyi. Mr Field, who clashed with Sir Philip over BHS's collapse, told the BBC Sir Philip may have questions to answer. Sir Philip's Arcadia group, whose brands also include Burton, Miss Selfridge, Dorothy Perkins and Wallis, has 2,800 stores across the world. However, his flagship brand, Topshop, has struggled against competition from the rise of online rivals such as Boohoo and Asos. According to latest figures, profits at Taveta, Arcadia's holding company, fell 79% in 2016. Last year, Sir Philip revamped management in a bid to revive the brands. Sir Philip, aged 65, could not be reached for comment and the Sunday Times' report has not been confirmed. However, Mr Field said his committee would now "look at the state of Sir Philip Green's pensions schemes and whether he can sell to whomever he wants without having some very important questions or putting in some money into the whole Arcadia pension pot". The move risks re-opening a long-running feud between Sir Philip and the Labour MP, whose Commons committee last year investigated the sale and subsequent collapse of BHS. The failed High Street chain was left with a huge pension deficit, although Sir Philip later agreed a £363m cash settlement with the Pensions Regulator to plug the gap. Mr Field has criticised Sir Philip's actions, and last August the businessman sent a legal warning to the MP. Shandong Ruyi has been expanding in Europe. It has bought controlling stakes in the Swiss luxury leather goods company Bally and London-listed fashion manufacturer Bagir. The Chinese company bought Acquascutum last year for £95m.

Source: BBC News

Latest Video


On Wednesday, 7th February 2018 Mike Read, Chairman & CEO of Falanx answered questions posed by private investors at the Beaufort offices. Click here to see the interview.

Important Risk Warnings and Disclaimers 

This report is published by Beaufort Securities Ltd ("Beaufort Securities"). Beaufort Securities Ltd is Authorised and Regulated by the Financial Conduct Authority and is a Member of the London Stock Exchange. 


This document is not an offer to buy or sell any security or currency. This document does not provide you with individually tailored investment advice. It has been prepared without regard to the your financial circumstances and objectives The appropriateness of a particular investment or currency will depend on your individual circumstances and objectives. The investments and shares referred to in this document may not be suitable for you. 

This research is non-independent and is classified as a Marketing Communication under FCA rules. As such it has not been prepared in accordance with legal requirements designed to promote independence of investment research and it is not subject to the prohibition on dealing ahead of the dissemination of investment research in COBS 12.2.5. However Beaufort Securities has adopted internal procedures which prohibit analysts from dealing ahead of non-independent research, except for legitimate market making and fulfilling clients' unsolicited orders. 

By receiving this document, you will not be deemed a client or provided with the protections afforded to clients of Beaufort Securities. When distributing this document, Beaufort Securities is not acting for you and will not be responsible for providing advice to you in relation to this document. Accordingly, Beaufort Securities will not be responsible to you for providing the protections afforded to its clients. 

Beaufort Securities may effect transactions in shares mentioned herein and may take proprietary trading positions in those shares, and may receive remuneration for the publication of its research and for other services. Beaufort Securities may be a shareholder in any of the companies mentioned in this report. Accordingly, this document may not be considered as objective or impartial. Additionally, information may be available to Beaufort Securities or the Group, which is not reflected in this material. The remuneration of the author of this report is not tied to the recommendations on any shares mentioned nor to the any transactions undertaken by Beaufort Securities or any affiliate company. Further information on Beaufort Securities' policy regarding potential conflicts of interest in the context of investment research and Beaufort Securities' policy on disclosure and conflicts in general are available on request. Please refer to 

Past performance is not a guarantee of future performance. Investments may go down in value as well as up and you may not get back the full amount invested. The listing requirements for securities listed on AIM or the ICAP Securities & Derivatives Exchange are less demanding and trading in them may be less liquid than main markets. This may make it more difficult to buy and sell these securities. 


This document includes certain statements, estimates, and projections with respect to the anticipated future performance of securities listed on stock exchanges and as to the market for these shares. Such statements, estimates, and projections are based on information that we consider reliable and may reflect various assumptions made concerning anticipated economic developments, which have not been independently verified and may or may not prove correct. No representation or warranty is made as to the accuracy of such statements, estimates, and projections or as to its fitness for the purpose intended and it should not be relied upon as such. Opinions expressed are our current opinions as of the date appearing on this material only and may change without notice. Other third parties may have issued other reports that are inconsistent with, and reach different conclusions from, the information presented in this report. Those reports reflect the different assumptions, views, and analytical methods of the analysts who prepared them. This report has not been disclosed to any of the companies mentioned herein prior to its publication. 

This document is based on information Beaufort Securities has received from publicly available reports and industry sources. Beaufort Securities may not have verified all of this information with third parties. Neither Beaufort Securities nor its advisors, directors or employees can guarantee the accuracy, reasonableness or completeness of the information received from any sources consulted for this publication, and neither Beaufort Securities nor its advisors, directors or employees accepts any liability whatsoever (in negligence or otherwise) for any loss howsoever arising from any use of this document or its contents or otherwise arising in connection with this document (except in respect of wilful default and to the extent that any such liability cannot be excluded by the applicable law). You should not rely on this document and should not use it substitution for the exercise of the independent judgment of yourself or your adviser. 

The information contained in this document is confidential and is solely for use of those persons to whom it is addressed and may not be reproduced, further distributed to any other person or published, in whole or in part, for any purpose. Other persons who receive this document should not rely on it. Beaufort Securities, its directors, officers and employees may have positions in the securities mentioned herein.


© Proactive Investors 2019

Proactive Investors Limited, trading as “Proactiveinvestors United Kingdom”, is Authorised and regulated by the Financial Conduct Authority.
Registered in England with Company Registration number 05639690. Group VAT registration number 872070825 FCA Registration number 559082. You can contact us here.

Market Indices, Commodities and Regulatory News Headlines copyright © Morningstar. Data delayed 15 minutes unless otherwise indicated. Terms of use