It is windfall time for those lucky few who sit in the shade of the magic money tree. Take Peter Cowgill, for example, executive chairman of JD Sports. He has been paid almost £6m in bonuses since February last year. What makes this huge amount even more shocking is that his company has received more than £100m in government support since the start of the pandemic.
Unlike Primark, which has committed to paying back £121m received under the furlough scheme and business rates relief, and the big UK supermarkets, which will pay back about £1.8bn in business rates, JD Sports has not yet decided whether it will return any furlough scheme money to the government. It wants to wait and see until Covid restrictions are fully lifted.
Let’s not forget that the massive public subsidies to Britain’s businesses were drawn up in the spring of last year, when many businesses faced existential crises and did not know if they would survive the pandemic. As it turned out, though, some of them thrived as our spending habits changed. And JD Sports was one of the winners. Its profits are set to rise by at least 70% to an estimated £550m this year. » | Stefan Stern | Friday, July 2, 2021
