BHS collapse: 'A catalogue of failure' - Frank Field MP blasts Sir Philip Green over downfall of former retail giant

'A catalogue of failure' - Frank Field MP blasts Sir Philip Green over BHS

Sir Philip Green: responsible for BHS collapse, MPs say

Monday, July 25, 2016

The chairman of the work and pensions select committee, Frank Field, has blasted billionaire businessman Sir Philip Green for the downfall of former retail giant British Home Stores (BHS).

The company went into administration in April, and stores have been steadily closing around the country. BHS will be shut down by the end of August, with thousands of people set to lose their jobs and a huge shortfall in the company's pension scheme.  

Field, the MP for Birkenhead who led the parliamentary inquiry into BHS, didn't hold back on the businessman, who was roundly criticised by a report released today. 

MPs said Green had "systematically extracted hundreds of millions of pounds from BHS, paying very little tax and fantastically enriching himself and his family, leaving the company and its pension fund weakened to the point of the inevitable collapse of both".

Green last week launched a strong defence of his management of the company, claiming he had put £421m into the group during his 15 years in charge.

Field told Paul Ross: "Here was a money-making machine, but the net result was the pension deficit was increasing.

"We know now 11,000 jobs will be destroyed by the end of August.

"It's a catalogue of failure and the one person who stands responsible is Sir Philip Green."

Listen to the full interview above

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