Five years after taking Alliance Boots private, Pessina and KKR began selling the firm to America’s biggest pharmacy chain,
Walgreens – a process that was completed at the end of 2014.
The turnaround that Pessina promised never materialised: Colin Haslam from Queen Mary University points out that by 2014,
operating profit margins for Boots UK – a key way of working out how much it actually makes on each pound going through its tills – were stuck at around the levels of 15 years earlier.
英国博姿的营业利润率一直停留在15年前的水平左右 。这是计算该公司每英镑经过分肥后实际赚了多少钱的关键方法 。
Meanwhile, the model of stretch and extract – loading Boots with debt,
then pulling out as much as possible for investors without reinvesting in the business – “has left its underlying financial structure hollowed out”.
Asked about this, Boots replied that it had put money into both the employee pension funds and its chain of stores.
Haslam points out that all firms are required to meet their pension-fund obligations.
But there have been some big winners from Boots.
By 2012, Pessina was already claiming to have tripled the value of KKR’s investment in the company.
He himself has not done too shabbily, either.
In 2006, the year he merged his wholesale business with Boots, Forbes magazine ranked Pessina as the 428th richest man in the world.
By 2015, he had shot up to 99th place. He has also gained a notably high vantage point in British public life.
到2015年，他的排名上升到了99位 。他在英国的公共生活中也获得了显著的有利地位 。
In 2010, David Cameron and George Osborne – both of whom describe tax avoidance as “morally repugnant” – took Pessina as part of their entourage to China.
In the run-up to the general election of 2015, Pessina claimed that a Labour government under Ed Miliband would be a “catastrophe”.
This warning from a Monaco citizen, who once said he would never buy a home in Britain “because if I have a home here I have to run it”,
was considered grave enough by the Sunday Telegraph to be treated as one of its major stories of the day.
The three parties will meet next month to work out remaining differences.
If raging inflation returns, then interest rates will shoot up.