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Intense speculation has surrounded Phoenix since the suicide of the group's German owner. The UK boss says it's time to set the record straight. Paul Smith talks to Max Gosney
It had been a typical Monday afternoon until Phoenix chief Paul Smith picked up a call from the firm's German HQ. "My first reaction was sadness," Mr Smith recalls of the moment he was told that the company's billionaire owner Adolf Merckle had committed suicide.
"It was a very sad end to what was a fantastic career. For someone to make that choice as their only choice is a sad thing," he says.
Mr Merckle's death heralded intense media speculation over the future of the UK business that Mr Smith heads. "Pure speculation," he says in response to stories claiming the group was to be sold off. "Did I think Mr Merckle's death would bring about the demise of Phoenix? Absolutely not. But when the rumours got picked up and syndicated then it started to have an effect on our employees. It's unsettling and that's why I decided to set the record straight."
The record reads that Phoenix is not for sale. Mr Smith stresses: "We're not being sold. We're not being split up to be sold. It's unfortunate the untimely death of Mr Merckle has started this speculation. But...