Green, Chappell slammed for BHS collapse in report

Under-fire businessman Sir Philip Green was slammed by MPs on Monday, in a report that criticised him and others involved in the collapse of British Home Stores as being the “unacceptable face of capitalism”.

Retired race driver Dominic Chappell was also panned in the report from the Work and Pensions select committee, and refused to comment on it initially, calling it a “lengthy document”.

Inquiry co-chair MP Frank Field said Green should make out a cheque for “at least” £571m, after the report cited Green’s failure to sort out a £571m pensions deficit as a primary catalyst for the chain’s collapse.

Criticism was also directed at the handling of the business’s sale to Chappell, who is a former bankrupt and had no experience in retail prior to BHS.

“[He] hurriedly sold to a manifestly unsuitable buyer,” the report said of Green’s conduct when flogging BHS off to Chappell for a nominal £1 last year.

Around 20,000 people are said to be eligible for a BHS pension, with the Pension Protection Fund set to take a £271m loss as a result.

Reportedly, Green has privately spoken of his willingness to make a contribution to the pension deficit, but he has remained staunchly quiet over the collapse of BHS with the exception of his appearance before MPs.

Several firms were also named as playing roles leading to the collapse of BHS and its pension fund, including Goldman Sachs, law firm Olswang and accountants Grant Thornton.

Employees have been working their last days at BHS stores across Britain in recent weeks, with stores closing as stock is exhausted.