Showing posts with label 3i. Show all posts
Showing posts with label 3i. Show all posts

4 Mar 2017

Animal Farm: A Business Tale Featuring Mike Ashley as Napoleon and Joseph Corré as Squealer

The public looked from Mike to Joe, and from Joe to Mike, and from Mike to Joe again; 
but already it was impossible to say which was which ...


Billionaire sportswear tycoon Mike Ashley's £30 million pre-pack purchase of upmarket lingerie brand Agent Provocateur has - all too predictably - brought an outraged response from Joseph Corré, one of the founders of the global retail outlet.

Describing it as a bad day for British business, Mr Corré slammed the deal as a scandal, a catastrophe and a phenomenal stitch-up, before asking: "What's next, Agent Provocateur tracksuits?"

Well, better that, surely, than Sports Direct knickers or peep-hole trainers! But, fun as it is to imagine these new lines, it's not what I want to discuss here. Rather, the thing that intrigues is why Corré thinks he's entitled to pontificate on Ashley's attempt to save the business from going into administration.

If it's such a matter of concern, then why didn't he find the capital to buy it back himself? More to the point, why did he sell his shares in the company to private equity group 3i - whom he now describes as "negligent and incompetent" - in the first place?

Obviously, none of this is any of my business. But it's none of Corré's either, having sold out and walked away. It's solely Mr Ashley's business where he chooses to invest his money. And what irritates about Joe Corré is the fact he assumes an air of moral superiority when he speaks; as if his hands were clean and he, unlike Ashley, has what might laughably be thought of as punk integrity.

Ultimately, if one were to see these two rich, middle-aged, rather portly gentleman sitting round a dinner table together discussing business, one would not be surprised; what's more, it would be very difficult to tell them apart. For whilst they might dress differently - Ashley in his NUFC shirt, Corré in his Jack Sheppard trousers - they both walk on two legs ...                 


See: George Orwell, Animal Farm, (London, 1945).