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How Private Equity Ate Britain

Published on Fri, Jun 7th 2024 News & Politics Rectangular HD

Next month’s UK election will likely be a reckoning for Prime Minister Rishi Sunak, the Conservative Party and its handling of the aftermath of Brexit and the pandemic. It turns out both events have already played a key role in shifting control of some of Britain’s best-known brands to foreign hands. High Street retailers like Morrisons, Byron Burgers, Wagamama and others have all been scooped up by US private equity firms in recent years. And the debt they owe, compounded by high interest rates may be endangering their financial resilience while putting employees at risk.

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Read more on Bloomberg.com: https://www.bloomberg.com/news/articles/2024-05-20/private-equity-s-massive-british-debt-spree-sparks-warnings-of-danger?sref=zU1fOhDr?utm_medium=social&utm_source=youtube&utm_campaign=originals&utm_content=article

00:00 - Introduction
1:00 - Leveraged buyout, explained
2:10 - Morrisons takeover
3:30 - Impact of Brexit and Covid
4:05 - Private equity piles into UK
4:45 - Rising cost of debt
5:50 - Jobs, consumers and consequences

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