The Fear of Private Equity Buying Morrison's

Private equity doesn't have a particularly good track record. It was bought in 2003 by a private equity consortium. They owned it for three years, effectively sold off loads of the buildings that debnoms owned and rented them back on really long leases. And you know it had 100 million pounds worth of debt when they bought it and when it went back to the stock market. A few years later when everyone's forgot, then you start to see a shift. Now fortress has formed because it bought majestic line  and what it says is look when we bought that. First of all, we didn't sell off any of the buildings. The people that had been earmarked to be made redundant