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05

Philip Green agrees to answer MPs' questions over BHS collapse

Open-access content 4th May 2016

Former BHS owner Philip Green has accepted the invitation from the Work and Pensions Select Committee to give evidence in an inquiry into to the collapse of the chain.

A BHS store in the UK © Shuttertstock


The inquiry was launched last week to look at how the BHS pension scheme, currently in £571m deficit, will affect the Pension Protection Fund (PPF).

Green is called to appear on the 15 June. In the meantime, the Committee will hear from The Pensions Regulator, the PPF, BHS Pension Trustees and Dominic Chappell, owner of the consortium Retail Acquisitions, which purchased BHS.

This is a joint inquiry with the Business, Innovation and Skills (BIS) Committee, which is looking into the sale and acquisition of the department store. 

Iain Wright, chair of the BIS Committee, said: "The sale and acquisition of BHS raises serious questions about the stewardship of the business both before, during, and after the sale. We welcome this opportunity to question the key players and we will also be keen to quiz advisers on their role in this process."

It comes after business secretary Sajid Javid ordered the Insolvency Service to undertake an immediate investigation into the conduct of the directors of BHS.

The Insolvency Service would normally wait for the conclusion of the administrator's final report before starting work. However, given what the Department for Business, Innovation and Skills called the "unique circumstances surrounding the BHS case", Javid requested the investigation to be conducted soon as possible.

The business secretary said: "This investigation will look at the conduct of the directors at the time of insolvency and any individuals who were previously directors. Any issues of misconduct will be taken very seriously."

Green sold the 88-year-old high street retail chain to Retail Acquisitions for £1 in March last year. The company announced it went into administration on 25 April, putting 11,000 jobs at risk. 

This article appeared in our May 2016 issue of The Actuary.
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Topics:
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