Escape: Elizabeth Green opened a restaurant in New York
Elizabeth Green, sister of billionaire businessman Sir Philip Green, wants the Government to sort out energy bills so people stop paying silly money for gas and electricity.
The 73-year-old, who ran a restaurant in New York prior to the pandemic, recently wrote a memoir about her upbringing and her relationship with her brother – Not In The Script: The Black Sheep In The Billionaire’s Family.
She tells Donna Ferguson that she sold her former home in Crouch End, North London, for £1.3million in 2020 and is now living off the capital and her state pension. The mother of three grown-up children – Simon, Georgia and Jacob – is currently seeking funding for a film about her life, based on her memoir.
What did your parents teach you about money?
My father, who had a shop in East Croydon, London, died when I was 15 and I don’t think he taught me much about anything. My mother was austere. She was part of the post-war generation and until her death seven years ago used to shop in Asda and Lidl, even though she didn’t have to. She was frugal and taught me to be the same.
In fact, because she didn’t instil me with huge self-confidence and self-worth, I hated spending money on myself for years because I didn’t think I deserved anything nice. But money wasn’t a struggle. We were comfortable and, when I was eight, we moved from Croydon to live in Hampstead Garden Suburb in North London. I went to a private girls’ school. My parents had aspiration and wanted good things for their children.
What was it like growing up with Philip?
Philip is my younger brother. He went to boarding school when he was eight. He always had an interest in money and numbers. After our father died, our mother ran a petrol station and a laundromat. Philip used to sell the petrol and count the coins out of the washing machines. I think he wanted to prove himself. I don’t know if there was a huge focus on money in my family before Philip started making it. But it became very important later when Philip ‘did good’ – as my mother used to say.
It was like a bargaining chip. The family made sure I was OK. They would help me out. But in return, my job was to keep quiet, stay in the background, not come to the parties and not come for Christmas dinner.
I had years of living in the shadows, of being overlooked and ignored. I always thought I had done something wrong, and I had this in my head for many years, but could not answer why they ignored me, scorned me, or showed no interest in guiding me.
So Philip would give you money, but he didn’t want to see you?
Correct. People should read my book, Not In The Script.
Have you ever struggled to make ends meet?
I moved to New York to escape from everybody, and, in my early 60s bought a restaurant – which was an insane thing to do – and started selling burgers. And I ran into trouble from time to time. There were moments when I didn’t know how I was going to pay the staff and I had to ask for help and for money.
I usually dealt with Tina, Philip’s wife. It was horrible. I never undertook it lightly. I didn’t want to ask – that was almost the only relationship I had with them. I’d imagine them thinking, ‘Oh, it’s Elizabeth on the phone, she must want money.’
For most of the eight years I ran the restaurant, I didn’t really make any money. And then the pandemic came and we had to shut down.
Have you ever been paid silly money?
No, I don’t think I have. I didn’t really work when my kids were young, I was at home with them. Later, when I ran the restaurant, I worked long hours and I wasn’t able to pay myself much.
But I met some great people and learned things I would never have learned otherwise.
What was the best year of your financial life?
It was 2014. It was just after I had bought the restaurant. We were very busy and I made a fantastic amount of money, mostly on take-out orders.
The most expensive thing you bought for fun?
A Vera Wang dress. My brother used to throw lavish parties and my mother apparently said she needed one for her 90th birthday. I was invited, even though later on I didn’t get invited to stuff. I knew everyone would be dressed up to the nines and wearing their diamonds.
So I went to Harvey Nichols, which wasn’t my most comfortable zone, and I bought this amazing grey tweed Vera Wang dress for £800. I knew I needed to look the part. Wearing that dress, I felt good and I looked good too.
What is your biggest money mistake?
Not being smart in business and getting independent advice. It cost me thousands. I ended up owing $50,000 in sales taxes and paying 14 per cent interest to the American government while I paid the debt off.
The best money decision you have made?
Buying a really nice Victorian four-bedroom house in Crouch End, North London, after I got divorced. It cost me £850,000. I sold it in 2020 for £1.3million.
Do you save into a pension or invest in the stock market?
No. As I’m in my 70s now, I get the basic state pension. That’s my only pension income. I don’t understand the stock market. I think I had this expectation that my family were there for me, that they would look out for me, nurture and point me in the right direction. It took me a long time to see that wasn’t happening. But they have helped me out financially over the years so that I wasn’t starving on the street.
Do you own any property?
Sadly, no. I had to sell my house in Crouch End. My kids are urging me to buy something, but I’m not going to do that at the moment. Instead, I’m renting a one-bedroom apartment on the Upper West Side of Manhattan and living off the capital from the sale of my Crouch End home.
But I’m hoping to make lots of money from this fabulous film – or maybe TV series – that I’m seeking funding for.
What is the one luxury you treat yourself to?
Singing lessons once a week for $70 (£58) an hour. I sing a lot of Frank Sinatra and Ella Fitzgerald songs. It’s brilliant. I love it.
If you were Chancellor, what would you do?
I’d sort out energy bills so people aren’t paying silly money for gas and electricity. I would improve pay for men and women on paternity and maternity leave. I would also subsidise childcare to make sure it was affordable for both parents to return to work.
What is your number one financial priority?
To support my family and make sure my kids always have enough, and that they are OK.
