BHS collapse: Philip Green 'may well have to compensate for what he has done' says leading British entrepreneur

BHS collapse: 'It does leave a sour taste', says entrepreneur Mo Chaudry

Sir Philip Green sold BHS for just £1 in 2015

Tuesday, July 26, 2016

Sir Philip Green "may well have to compensate for what he has done" following the collapse of the high street chain British Home Stores. 

One of Britain's leading entrepreneurs, Mo Chaudry, has told talkRADIO that, while Green did nothing illegal in his disposal of BHS in 2015, there should be repercussions for former company directors in situations such as the one facing the former retail giant. 

Green sold BHS for a nominal fee of £1 in 2015. The company went into administration in April this year.

BHS will be shut down by the end of August, with thousands of people set to lose their jobs and a £571m shortfall in the company's pension scheme.  

A report into the sale by a parliament joint select committee branded Green the "unacceptable face of capitalism".

For his part, the former owner has complained that the report was a “biased and unfair process” and is considering legal action. 

"What [Sir Philip Green] did may not be in the spirit of things, but they are not illegal," Chaudry told Johnny Gould and Ash. 

"I don't think this situation is over yet. Philip Green may well have to compensate for what he has done. 

"These directors of BHS have sold the business for £1 whilst the business was insolvent. If that business goes bust within two years of selling, then there should be repercussions for the former directors.

"I'm amazed it's gone under the radar, that is the fundamental point here.

"It got to a point where Sir Philip Green thought 'I don't want this on my watch'.

"It does leave a sour taste."

Listen to the full interview to find out more