Tina Green

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"Christina Green" redirects here. For the 2011 Tucson shooting victim, see 2011 Tucson shooting § Victims.
Lady Green
Born England
Residence Monaco
Occupation Businesswoman
Net worth £5 Billion (2016)[1]
Spouse(s) Robert Palos (divorced)
Sir Philip Green
Children

Christina "Tina" Green, Lady Green (b. 1948 or 1949), is an English billionaire businesswoman, who is based in Monaco.[3]

Early life[edit]

She was born in England (not South Africa as is sometimes suggested), to a father who "worked in the wine trade", and travelled widely when young.[4]

Career[edit]

Married to British retail businessman Sir Philip Green, her second husband, Tina Green owns all the family shares in Jersey-registered Taveta Investments. As a result, she has been referred to as the wealthiest[5] and second wealthiest woman in the UK.[6]

Taveta Investments[edit]

Via Jersey-registered Taveta Investments and its subsidiaries, Green owns 2,300 shops in the United Kingdom. Taveta's assets include:[3]

As a result, Taveta (and hence Green) controls 12% of the UK clothing retail market, making Taveta the second-largest operator in the sector. The leader, Marks & Spencer, has been the target of three unsuccessful takeover bids from Taveta.

Criticism[edit]

Green's wealth stems from her relationship with her second husband, British retail magnate Sir Philip Green. The arrangement between the married couple (with working-week London resident Sir Philip as the CEO or Chairman of all companies, while Tina Green remains the sole shareholder via Jersey-based Taveta Investments, but resident in Monaco) means that the couple minimise their UK taxation liability.

As a result, Sir Philip has become the target of activist group UK Uncut, initially in November 2010, for his history of corporate tax avoidance. The group targeted Sir Philip specifically as a UK Government advisor.[10] He became the focus of anger over the programme of government cuts that campaigners said could be avoided if tax dodging was stamped out, bringing in some £25bn a year to the public purse and reducing the national debt.

On 4 December 2010, campaigners staged a sit-in at Arcadia's flagship London Topshop store in Oxford Street. In Brighton, a few campaigners glued themselves to the branch's windows. Other high streets in towns and cities across Britain saw similar protests in a day of action against the tax arrangements of rich individuals and big businesses.

Since Taveta Investments is owned by Tina Green, who resides in Monaco, protestors claim that the couple avoid paying £285 million in UK personal income tax, that would be payable if a UK resident owned the company.[11] In November 2005, Sir Philip approved a dividend payout that benefitted his family via Taveta/Tina Green by £1.2bn, paid for by a loan taken out by Arcadia, cutting Arcadia's corporation tax as interest charges on the loan were offset against profits.[12] The payout was the biggest annual dividend payout to an individual by a British company.[7]

Personal life[edit]

Green has been married twice.

She met her first husband, Robert "Bobby" Palos, a South African jazz drummer, in Hong Kong when she was 17 and he was 31. They married a year later.[4] He later became a retailer, and the marriage ended in divorce.[13] They had two children: artist and author Stasha Palos, and private equity investor Brett Palos.[14][15]

She is currently married to Sir Philip Green. They have two children: Chloe, who released her own line of designer shoes under the Topshop brand in 2012,[16][17] and Brandon.[18]

References[edit]

  1. ^ "Philip & Cristina Green". Forbes.com. 4 January 2016. Archived from the original on 2016-01-07. 
  2. ^ Mychasuk, Emiliya; Terazono, Emiko (31 October 2007). "Plot thickens". Financial Times. Archived from the original on 2011-03-19. Retrieved 2016-04-27. Brett Palos is the son of the Monaco-based Lady Tina Green and first husband, the South African Robert Palos, from her previous life as a boutique owner in Johannesberg. 
  3. ^ a b Uncovered: Green's Empress of Arcadia | This is Money
  4. ^ a b Ruddick, Graham (8 July 2016). "Tina Green: Lady of leisure or 'blonde hurricane' of a formidable partnership?". The Guardian. Retrieved 8 July 2016. 
  5. ^ Express.co.uk – Home of the Daily and Sunday Express | UK News :: At last, 10% of women crash into the rich list
  6. ^ Lady Tina Green – Britain's richest women – Pictures – Money – Virgin Media
  7. ^ a b Henderson, Mark. "Sunday Times – Rich List". The Times. London. 
  8. ^ a b c Pendlebury, Richard; Laurance, Ben (14 August 2010). "Is Philip Green the right man to be helping the Chancellor? – Mail Online". Daily Mail. London. 
  9. ^ a b Financial Mail Woman's Forum: "Uncovered: Green’s empress of Arcadia" by Michael Gillard and Ben Lauran 23 March 2003
  10. ^ Tayloy, Matthew (29 November 2010). "Philip Green to be target of corporate tax avoidance protest". Guardian Unlimited. London. Retrieved 2010-11-30. 
  11. ^ Mathiason, Nick (27 March 2005). "Where the rich stash their cash". The Observer. London. Retrieved 2009-04-25. 
  12. ^ "Analysis: The rich get richer in poor old Britain". Independent on Sunday. London. 19 March 2006. Retrieved 2009-04-25. 
  13. ^ Express UK: "HOW TO FEED YOUR MAN" By Julie Carpenter 17 November 2010
  14. ^ PropertyWeek.com: "Philip Green's stepson in property debut" By Laura Chesters 13 March 2009
  15. ^ Financial Times: "Plot thickens" By Emiliya Mychasuk and Emiko Terazono 31 October 2007
  16. ^ The Independent: "The height of fashion: Chloe Green follows in her famous father's footsteps" by Harriet Walker 19 May 2012
  17. ^ US Magazine: "Marc Anthony, 44, Gets Affectionate With New Model Girlfriend Chloe Green, 21, Goes to Disneyland With Twins: Pictures" By Justin Ravitz 28 February 2013
  18. ^ ThisIsMoney.UK: "Green plans to keep Arcadia in the family" 23 October 2009