Sir Philip Green, 68, cuts a low-key figure as he steps out in Capri

Sir Philip Green, 68, cuts a low-key figure as he steps out in Capri… after issuing a grovelling apology in humiliating U-turn over plans to exploit furlough pay cut loophole

Sir Philip Green cut a low-key figure on Thursday as he continues to live it up on his £100m superyacht in Capri, Italy.

The Topshop boss, 68, was joined by his wife Tina, 71, and friends onboard his luxury vessel, Lionheart, with the group also enjoying an outing to the Italian island.

Sir Phillip, who recently issued a grovelling apology in a humiliating U-turn over plans to exploit the government’s furlough pay cut loophole to reduce payments to staff his company Arcadia was making redundant, opted for a casual look.

Low-key: Sir Philip Green cut a low-key figure on Thursday as he continues to live it up on his £100m superyacht in Capri, Italy

The billionaire wore an oversized grey V-neck T-shirt with a pair of matching jogging shorts. 

Sticking to his low-key look, Sir Phillip finished the ensemble with black trainers, white tube socks and a fitness watch.

Sir Philip appeared relaxed and care-free during the trip and he even steered his superyacht’s speed boat for a group outing with his friends in Capri.   

At a later point in the day, he was seen wearing a white T-shirt and swimming shorts for another excursion with the group. 

Stepping out: The Topshop boss, 68, was joined by his wife Tina, 71, and friends onboard his luxury vessel, Lionheart, with the group also enjoying an outing to the Italian island

Casual: Sir Phillip, who recently issued a grovelling apology in a humiliating U-turn over plans to exploit the government’s furlough pay cut loophole to reduce payments to staff his company Arcadia was making redundant, opted for a casual look 

The billionaire has been enjoying plenty of trips on his superyacht and just last week he was joined by Formula One ace Lewis Hamilton and model Florence Mueller in Corsica. 

Although earlier this month, his superyacht, Lionheart, was confined to a port in Monaco after two of the crew tested positive for coronavirus.  

Sir Philip’s appearance comes just days after he issued a grovelling apology in a humiliating U-turn over plans to exploit the government’s furlough pay cut loophole to reduce payments to staff his company Arcadia was making redundant.   

Arcadia Group, which has taken tens of millions of pounds in taxpayer-funded furlough money, was savaged after it emerged that employees who were losing their jobs would miss out on money during their notice period.

Fun: Sir Philip appeared relaxed and care-free during the trip and he even steered his superyacht’s speed boat for a group outing in Capri with friends 

In an extraordinary statement, the company crumbled, axeing the plan and apologising to its employees. Sources close to Sir Philip said he had ordered the U-turn after learning of the details of the proposed pay cut. 

‘We recently implemented a policy for those employees who are working their notice on furlough to receive their furlough pay instead of their full pay,’ the company said in its statement. 

‘We got this decision wrong and the board has today amended this policy to ensure all affected employees will receive their full pay. They will be notified of this decision immediately.

‘We are extremely sorry to all those individuals impacted for the distress that we have caused and apologise unreservedly.’

Arcadia, which includes the fashion brands Topshop, Miss Selfridge and Dorothy Perkins, is making 300 staff redundant at its head office after sales slumped during the coronavirus lockdown.

Famous pals: The billionaire has been enjoying plenty of trips on his superyacht and just last week he was joined by Formula One ace Lewis Hamilton and model Florence Mueller in Corsica

But it was revealed that bosses had planned to take advantage of a loophole in rules allowing it to pay axed staff at reduced rates during their notice period.   

Arcadia made 300 staff at its head office redundant and paid then reduced rates for their notice period through a loophole in the government rules.

Since July, companies have been required by law to pay full pre-coronavirus salaries to those who have been made redundant and who are serving a statutory notice period. 

But the rule does not apply to employees whose contracts include a longer notice period, which is the case for many of Arcadia’s head office staff.

Arcadia seized on the loophole to pay these staff according to their furlough – and not their pre-crisis – rates of pay. 

One executive at Arcadia reportedly told staff that the company needed to take ‘every penny we can get’ of public money. It would have saved the retail empire less than £1million.

The move meant some higher-earning staff were set to receive just 50 per cent of the notice period pay they would have been entitled to if Arcadia had not taken advantage of the furlough scheme.

A senior employee earning £100,000 would, for example, normally have been paid a full monthly salary of £5,553 during their notice period, but would have received just £2,777 under the ditched plan.

The company’s stance was in stark contrast to other big chains, including John Lewis, Marks & Spencer, WH Smith, Boots and Dixons Carphone, which say all redundancy packages are based on full pay.

Business mogul: Green enjoyed almost two decades of ruling the high street after lucrative takeovers of BHS in 2000 and Arcadia in 2002

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