Shamed retail tycoon Sir Philip Green has been pictured enjoying his weekend on a yacht in Monaco, after it was announced earlier this week that over 600 people could lose their jobs at his Arcadia empire.
The 67-year-old was seen with night club king Richie Akiva as well as several other women on the superyacht as he prepared for a Grand Prix party which he is set to throw today.
Green was smiling as a smaller boat dropped him off at the £100 million yacht, as he relaxed in a faded grey t-shirt and sweatpants.
This is while female attendees of the party frolicked in their bikinis and seemed to be having a swell time.
Philip Green was all smiles yesterday as a boat sped across the shore to drop him and night club king Richie Akiva off at the yacht
A group of woman were pictured in their swimwear on the yacht yesterday ahead of the Grad Prix today
Philip Green (left) was pictured in his casual clothes in Monaco and seemed to be taking the opportunity to dress down as he boarded his yacht (right)
However, the weekend will not have been as relaxing for those employed by Green through Arcadia, as it emerged this on Friday that the number stores due to close is expected to at least double the 23 outlined in rescue documents published earlier in the week.
This is likely to put several hundred more jobs at risk in addition to the 520 announced on Thursday.
Arcadia, which owns Topshop, Dorothy Perkins, Wallis and Miss Selfridge, employs around 18,000 staff.
Green was also told to ensure the retirement pot at Arcadia is fully funded – whatever it costs him.
Enjoying the sunshine: Green was pictured by driven to his yacht by a smaller boat
The business tycoon looked gleeful as he made his way to the yacht in Monaco yesterday as he prepared for his Grad Prix party today
Green’s superyacht the Lionheart as it arrives in Valletta, Malta. It dwarfs many of the others in the bay
Green looked somewhat at peace today after revealing that he himself would plough an extra £185 million of security behind the Arcadia pension scheme in an effort to win support for a major overhaul of his business.
The sum is chiefly made up of property assets and includes security over the flagship store on Oxford Street. The agreement would mean that in a crisis the buildings could be sold to fund payouts to pensioners.
The offer takes the package put forward by Green and Arcadia to support the pension scheme to £360 million over the next three years.
Green slipped into his lounge wear over the weekend as he geared up for the Grand Pix today
Green and his pals were on the higher part of the yacht while four women chatted below them
The women were pictured making the most of the weather and soaked up the sun while enjoying the yacht
However, the stress his business is under is not the only reason Green had to flee to Monaco to relax this weekend.
On Friday allegations were revealed by Lord Hain, who last year used the cloak of parliamentary privilege to identify the Topshop boss as the person behind a legal injunction preventing the Daily Telegraph from publishing allegations of sexual harassment and racial abuse.
Sir Philip previously ‘categorically and wholly’ denied the claims.
Responding to Lord Hain’s latest claims, he said: ‘How sad somebody who already has proven they’re prepared to abuse the system wants to continue to behave in this manner.’
Sir Philip Green was tracked down in Monaco and was preparing to host a lavish party on his superyacht
He told peers: ‘My motive was to stand up for ordinary employees against a very powerful and wealthy boss who, as described to me, seemed to think he was above the rules of decent, respectful behaviour’
Lord Hain said he was revealing the account of a victim for the first time as he defended the use of parliamentary privilege.
Green’s Arcadia Group confirm plans to shut 23 stores
Yesterday Sir Philip Green’s Arcadia Group confirmed plans to shut 23 stores, putting 520 jobs at risk.
Topshop, Burton, Dorothy Perkins and Miss Selfridge branches have been earmarked for closure, as well as the company’s Outfit, Wallis and Evans stores.
The move is the second blow for Sir Philip this month after he lost his billionaire status in the Sunday Times Rich List.
The retail group’s chief executive described the move as a ‘tough decision’ made in a bid to save the business as more and more consumers opt to shop online.
Speaking during a debate in the Lords, Lord Hain said he had originally named the businessman ‘for moral reasons and was not second-guessing or criticising the judiciary’.
He said: ‘To explain why, I am revealing for the first time in public exactly what one of Sir Philip Green’s victims told me whilst pleading with me to name him under parliamentary privilege.’
He then quoted the alleged victim: ‘He was touching and repeatedly slapping women staff’s bottoms, grabbing thighs and touching legs.
‘Hundreds of grievance cases were raised with HR. The company lawyer who interviewed me then lied. Sir Philip screamed and shouted at staff ”to go to psychologists”.
‘Victims went to an employment tribunal but were told it would not get anywhere so settled with an NDA (non-disclosure agreement).
‘Some were worn down with spiralling legal costs costing them a fortune. He broke some in the end. It was horrible … He is still doing exactly the same thing. It is rife, it happened all the time. I saw him grab the breasts of others. This has gone on for long time.’
Lord Hain pointed out that after he named Sir Philip, a number of former employees and executives made similar allegations in the newspapers.