Philip Green to appear before MPs over BHS pension pot

Retail entrepreneur Sir Philip Green has been branded 'the unacceptable face of capitalism' by a Tory MP as it emerged he is set to be quizzed by MPs over the collapse of BHS, which went into administration this week with the loss of up to 1000 jobs in Scotland.

Philip Green . Picture: PA
Philip Green . Picture: PA

The Arcadia boss, who sold BHS to Retail Acquisitions for £1 last year, will be asked to answer questions about the retailer’s £571 million pensions deficit, which has contributed to its failure. The Work and Pensions Committee will carry out an investigation into BHS’s administration, its pension liabilities and the impact it will have on the Pension Protection Fund.

Conservative MP Richard Fuller demanded that Sir Philip clarifies his involvement in the chain’s demise, warning of his “betrayal of the employees and pensioners of BHS”.

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He said: “Green and Arcadia need to put out a statement immediately clarifying their position. He has a responsibility, a duty.”

The chain, which has 16 stores in Scotland, was taken into the hands of administrators on Monday.

Meanwhile, MP John Mann has called for Sir Philip to be stripped of his title, unless he returns the £400m dividends paid out to his family while he owned BHS.

He said: “Sir Philip Green and his family have made millions out of BHS and its hard working staff.

“He took over a company with a healthy pension pot, 
yet when he sold BHS a 
black hole had appeared in its fund. Sir Philip Green has taken over £400m out of the company and now must be held responsible for the actions that were taken under his 
stewardship.”

Green has so far not commented on the demise of BHS.