MPs have voted to strip Philip Green, former BHS owner of his knighthood, after the collapse of the the 88 year old store.
The vote, which was unanimous, was supported by 116 members of parliament, is not binding, and the final decision will be made by the honours forfeiture committee.
On April 25 this year, BHS officially went into administration, after 88 years of business, putting 11,000 jobs at risk.
The day after, The Pensions Regulator announced it was looking at whether the owner of British Home Stores will have to plug holes in the collapsed retail chain’s pension fund.
At that time it was rumoured the regulator is considering whether Sir Philip Green, the former owner of BHS, should be made to put more funds into the retailers scheme to fill a pension deficit of half a billion pounds.
In July this year, it was found leadership failures and personal greed led to the collapse of retail chain and its enlarged pension fund deficit, according to members of parliament in a damning report.
Yesterday, Work and Pensions select committee chairman Frank Field said he is optimistic his inquiry into the defined benefit funding crisis will lead to meaningful changes to the sector.
Speaking today (20 October) Frank Field, chair of Work and Pensions Select Committee said: “Despite all the razzmatazz, there’s nothing that the Committee could find, or evidence that was presented to the Committee, which shows that Sir Philip Green was king of the high street. He was and is a very successful and traditional asset stripper.”
Mr Field described the BHS collapse as a “Sad, slowly-unfolding Greek tragedy”.
“In my minds eye, this [Sir Philip] was a character most like the Napoleon I read about in the history books when I was at school.”
“Green was to enrich himself, his family and friends, at the expense of long-term and sustainable growth for the company. Certainly, profits were made; but they were more akin to a short-term sugar boost rather than a nutritious diet that aided the long-term health and strength of the business.”
"He took the rings from BHS’s fingers, he beat it black and blue, he starved it of food and water, he put it on life support, and then wanted credit for keeping it alive."
Amanda Milling, Conservative MP, joint select committee member: “I’m pro business, I’m pro-enterprise, but not at any cost,” she said.
“This is not, as I see it, an attack on business. Far from it. But a desire to protect the reputation of business. After all, we do not want to see the behaviours of irresponsible businesses … tarnishing the reputation of good business.”
