Picture the scene, a long established British business that’s seen better days gets taken over by a new management team that’s bought it for a derisory sum and even received some multi-million pound sweeteners in the process from it’s former owner.
The new team doesn’t have a business plan worth a damn or access to the funding needed to finance it or basically anything remotely credible. But, as proud owners of this long established concern, they do have the authority to extract millions of pounds for themselves in management fees before things go ‘kerphut’.
Even better, having been politically expedient when they bought the company, the new folks can be blamed when it all goes wrong and 1,000s of people start losing their jobs, leaving the state i.e. us, to pick up the tab, give or take some MPs huffing and puffing.
So, you decide, what company am I talking about, Rover, subject to a multi-million pound state enquiry from which lessons should presumably have been learned, or BHS?