Debs delight for the burger boys

Apparently, Debenhams is looking for a fashion supremo. Well, no surprise there. Profits are down 40% and with PE gianr Texas Pacific Group still a major shareholder, you can bet that some feet are being held to the fire. Here's the thing, though. The PE investors have already cleared a huge return on their original investment. (Want to know how KKR might recover its $450m-odd commitment to Alliance Boots? Follows the Debs model and flog the property, natch...)

So if Debenhams folded tomorrow, there would be few tears shed. And that kind of burns me up. All of the other shareholders in Debs - many of whom will have bought in at the IPO for 195p a share - are looking at the current price of 148p-odd and wondering why they bought such a lame duck. After all, with no assets beyond a few leases and a brand, they'd get 87% of bugger all if things did take a turn for the worst, while TPG has already cleared its profit whatever happens to its 13% holding. As I say, I don't doubt they'll still push for their pound of flesh - and Debs is still profitable. But to say they have a long-term stake in the business in the same way as the other owners is... rubbish.

Oh, and TPG... that's the crowd who bought Burger King off Diageo - then flipped it like a Whopper with cheese kicking off the loudest howls of indignation around PE since RJR Nabisco.