Debenhams was doomed long before the pandemic, it has been claimed, with fingers pointed at private equity firms that took control of the firm in 2003, stripping its assets and pocketing over £1 billion. The retailer was taken over by a trio of funds in a £600 million investment deal. TPG, CVC Capital and Merrill Lynch made huge returns, despite owning the company for less than three years, collecting £1.2 billion in dividends. Under their ownership, they stripped Debenhams’ assets, including the £450 million sale of 26 properties. Debenhams then leased the stores back, for extremely high rents and, in some cases, 35-year-long deals. But while Debenhams is now set to be liquidated, the fat cat bosses have seen their fortunes – and those of their firms – soar, rubbing elbows with celebrities and royalty in the years since.