Lawmakers have vote to strip Sir Philip Green of his knighthood, it has been announced.
MPs voted in favour of punishing Green for the collapse of his retail chain BHS, which fell apart in April after Green sold it to the twice-banrkupted Dominic Chappell.
The collapse of the retailer, once one of the biggest in the UK, cost around 11,000 jobs and left a pensions black hole totalling an estimated £571 million.
During a parliamentary debate before the vote, MP Frank Field, described Green as a "successful asset-stripper" while business committee chairman Iain Wright said that Green had enriched himself, his family and his friends at the expense of his company, citing huge dividends paid in the 2003/04 and 2004/05 years when profits were falling.
Wright said that Green “took the rings from BHS’s fingers. He beat it black and blue. He starved it of food and water and put it on life support."
It is the first time that MPs have attempted to remove a knighthood from a member of the public in this way.