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Greed Is Good At Boots

Well it all gets a little clearer now. The CEO of Boots gets £6.5m from the sell-out deal to private equity company Kohlberg Kravis and Roberts, while deputy chairman Stefano Pessina gets £500m.

Another director, Scott Wheway, gets a £1.2m pay-off under the deals by which the directors sell their shares to KKR. Surprising it all went on for so long really. Greed is not only Good but God to the Boots board.

An £8.2bn debt will be put on the company to pay towards the £11.1bn purchase price.

Before the deal went through, Pessina said that KKR was in it for the long-haul and that he was in it to grow the Boots brand. Now he's flogging off one third of his Boots shares. That's hardly a sign that he's trousers rather than mouth.

"Since Boots does £2bn of business with the NHS, much of this money is flowing direct from the taxpayer," said Paul Maloney, national officer of the GMB, "the private equity industry is first and foremost a mechanism for the multi-millionaire elite to enrich themselves at the expense of the rest of us."

The new holding company for Boots will be based in Gibraltar just to give us all further confidence in a High Street name which has been trusted for over 150 years.

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