Terry Green scraps Rubicon buy

Fiona Walsh12 April 2012

TERRY Green, chief executive of Bhs, has abandoned his plans for a £60m buyout of Rubicon, which owns Principles, Racing Green, Hawkshead and Warehouse. His departure from Bhs was confirmed today but Bhs owner Philip Green, who would have backed the Rubicon buy, said the deal was off 'because the management got too greedy'.

Philip said Terry, due to leave BHS at the end of next month, will be looking at other deals in the retail field. 'I am Terry's guide and adviser and anything he looks at he shows to me,' he said. Terry will be paid a bonus for his work in transforming Bhs, although Philip declined to specify the amount.

The group today reported a surge in profits from £33.2m to £100.2m at the operating level. Sales for the year to 30 March were up by 7% to £851.3m, with like-for-like turnover ahead by 5.4%. That has edged up to 5.7% over the first seven weeks of the group's new financial year, to 18 May.

Womenswear was the star performer, with like-for-like sales surging by 25%. Operating margins showed a strong improvement, from 4.2% to 11.8%, and net debt was slashed from £125m to £14m.

Terry Green will be replaced by finance director Paul Coackley.

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