Retail round-up on May 9, 2016: Lord Myners asks Sir Philip Green to 'calm down' after BHS collapse and Sports Direct tables bid for Austin Reed.
Lord Myners asks former BHS owner Sir Philip Green to "calm down"
Former M&S chairman Lord Myners has asked former BHS owner Sir Philip Green to “calm down” after tempers threatened to boil over ahead of the investigation into the BHS demise, The Telegraph reported.
This comes after Green responded to claims by parliamentary committee chair Frank Field that the retail tycoon should pay £571m or “be stripped of his knighthood”.
Robin Ellison, who serves as a trustee of several blue-chip pension funds, is likely to join a specialist panel being assembled by Field in order to assist a parliamentary probe.
Prem Sikka, a professor of accounting at Essex University, could also be appointed to the advisory panel.
Sports Direct tables surprise bid to bring Austin Reed out of administration
Sports Direct owner Mike Ashley has set his sights on collapsed retailer Austin Reed, in addition to high street chain BHS.
The sportswear retailer has reportedly tabled a surprise offer to bring the upmarket menswear brand out of administration, according to The Telegraph.
Sports Direct is believed to be among a handful of bidders “interested” in snapping up the menswear specialist, which entered into administration last month owing to cash flow difficulties.
It is understood several suitors, including Sports Direct, have submitted bids for the whole business, several of which are in the region of £30m.
Morrisons hands chief David Potts £1.09m in bonus
Morrisons’ boss David Potts has received a £1m bonus after the grocer returned to profitability and improved sales, The Guardian reported.
His total earnings more than doubled to £2.25m with the bonus amount worth £1.09m, half of which is paid in shares that do not vest for three years.
Potts’ remuneration includes £747,000 in salary, a £200,000 relocation support package and £26,000 of other benefits including a car allowance.
The chief executive has also been handed £2.6m in long-term share awards, equivalent to three times his salary, which he could collect in February 2018 if he meets cash flow, profits and sales targets.
The pay package potentially sets Morrisons up for another confrontation with shareholders at its annual shareholder meeting in June.