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You can find the current article at its original source at https://www.theguardian.com/politics/live/2016/jun/15/sir-philip-green-questioned-by-mps-over-bhs-collapse-live-updates
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| Version 2 | Version 3 |
|---|---|
| Sir Philip Green: 'I'm sorry about BHS collapse' – live | Sir Philip Green: 'I'm sorry about BHS collapse' – live |
| (35 minutes later) | |
| 10.29am BST | |
| 10:29 | |
| Green apologises for not tackling BHS pensions earlier | |
| Sir Philip Green is unhappy that MPs keep interrupting him, trying to pin him down on the pension problems. | |
| He insists that he simply wasn’t involved until 2012 (!) | |
| But we’ve been told that you’re a Napoleon of industry, explains Frank Field MP, the man in control of everything. We’re struggling to acclimatise to this new image of you... | |
| Green looks hurt, saying: | |
| I haven’t run away, I haven’t tried to run away. | |
| He hits out at the “outrageous and pretty rude media coverage” in recent months, which have created quite the wrong impression. | |
| And he then issues a second apology, for the pension deficit: | |
| I‘m happy to apologise, I should have been involved earlier. | |
| For whatever reason I wasn’t, but I should have been involved earlier. | |
| Green just said that between 2000 and 2012 the pension scheme "was not on my table" | |
| 10.22am BST | |
| 10:22 | |
| Green rejects criticism over pensions | |
| Onto the BHS pensions black hole.... | |
| Green says that the pension deficit should have been tackled as soon as he bought the company. | |
| But he also argues that it’s not his fault, blaming “poor communication” on both sides. He also reveals he only spoke to the BHS pension trustees on a handful of occasions | |
| Sir Philip Green: If BHS pension trustees and auditors had spoken to us on day we bought the company, we could have fixed this mess | |
| Green says in perfect world BHS pension should have been tackled day he bought the company.. | |
| Green also tries to spread the blame around, saying a lot of money was paid to pension advisers -- £650,000 in the early days, rising to “north of £1.5m” by 2005-06. | |
| The MPs are concerned that Green doesn’t seem to have been a very caring steward of the BHS pension fund. In 2000, it had a £43m surplus, before you began taking dividends out. | |
| Tht’s not very fair, Green insists. “With due respect” I’ve explained that we put £750m back into the company. | |
| I was not a trustee of the pension fund, he insists. | |
| Q: But surely you are ultimately accountable for the pension fund? | |
| Where’s this conversation taking us, demands Green - [perhaps suspecting that his wallet is being lined up for a hit] | |
| Updated | |
| at 10.23am BST | |
| 10.14am BST | |
| 10:14 | |
| Q: Does your wife ever share the details of the accounts of her offshore property company (which owned some BHS properties)? | |
| No, says Green, shaking his head and chewing on his spectacles. | |
| 10.12am BST | |
| 10:12 | |
| Q: Why didn’t the hundreds of millions you say you put into BHS do much good? | |
| Retail is difficult, snaps Green - if it wasn’t, anyone could do it. | |
| And “without being rude”, he suggests Fuller should give it a go sometime. | |
| I know that I wouldn’t be any good at it, Fuller smiles back. | |
| Green to Richard Fuller MP: "Maybe without being rude in your next career you should try retail" | |
| Richard Fuller with good response to Green: I wouldnt be any good at it, but at least I know that | |
| 10.09am BST | |
| 10:09 | |
| Green invites MPs to visit Arcadia to see for themselves how it works.... | |
| Regardless of how we end like u to come to our building. It's a v well run machine says Green. Will he give MPs a lift in helicopter though? | |
| 10.08am BST | |
| 10:08 | |
| Richard Fuller MP – he of the piercing stare – tells Green that he learned in business that you should look people in the eye when you’re dealing with them. | |
| Q: What’s the purpose of a company - is it to make money, to employ people, be creative? | |
| To run a business, says Green, looking a little confused. | |
| Fuller rattles through some BHS financial statements from 2000-2004, which he claims show that Green took a lot in dividends and invested little in BHS. | |
| Green queries it, saying the figures show £70m was spent on capital expenditure, and £80m on corporation tax. Plus £380m in dividends. | |
| Q: Why is the £380m dividend figure different than the £423m we’ve heard earlier? | |
| Green airily says he’d just reading out the numbers handed by his finance team, arguing that he doesn’t really get involved with the money side of things. | |
| I wouldn’t even know who to phone to take money out of our bank. | |
| Frank Field MP says this is quite a contrast with Dominic Chappell, who was very intent on taking money out of BHS once he bought it from Green for £1. | |
| 10.00am BST | |
| 10:00 | |
| Green: We should have sold in 2002 | |
| Asked about BHS’s decline under his ownership, Green says it’s very hard to find world-champion CEOs. | |
| He pins some the blame on the “very poor property deals” signed before he bought it. Some were on leases of 40 or 50 years, and that gradually eroded the profitability. | |
| Q: Wouldn’t it have been a good idea to sell in 2009? | |
| With hindsight, 2002 would have been a good time to sell it, smirks Green [ie, after Tina Green had cashed that £400m dividend cheque] | |
| Green not adopting the charm approach like Mike Ashley last week, he's trying to take control and coming across as impatient and petulant | |
| 9.55am BST | |
| 09:55 | |
| Snap summary: | |
| Philip Green has so far asked himself his own questions, chucked water on the desk and asked people to stop staring at him. Box office. #BHS | |
| 9.54am BST | 9.54am BST |
| 09:54 | 09:54 |
| Green tells MP to stop staring | Green tells MP to stop staring |
| I’m starting to suspect Sir Philip would rather be sunning himself on his new £100m yacht, Lionheart. | I’m starting to suspect Sir Philip would rather be sunning himself on his new £100m yacht, Lionheart. |
| He just broke off an answer to ask Richard Fuller MP to “stop staring” at him, as it’s making him uncomfortable. | He just broke off an answer to ask Richard Fuller MP to “stop staring” at him, as it’s making him uncomfortable. |
| Fuller insists he doesn’t want to make Green uncomfortable, as everyone stares at Green in disbelief. | Fuller insists he doesn’t want to make Green uncomfortable, as everyone stares at Green in disbelief. |
| "Do you mind not looking at me like that, its really disturbing," says Green to MP. Bizarre moment | "Do you mind not looking at me like that, its really disturbing," says Green to MP. Bizarre moment |
| 9.52am BST | 9.52am BST |
| 09:52 | 09:52 |
| Green then declines to comment on how much money is still owed to his wife Tina, as he doesn’t sign off the accounts. | Green then declines to comment on how much money is still owed to his wife Tina, as he doesn’t sign off the accounts. |
| But you’re a director of the company, points out a startled Jeremy Quin. | But you’re a director of the company, points out a startled Jeremy Quin. |
| 9.51am BST | 9.51am BST |
| 09:51 | 09:51 |
| Oops. | Oops. |
| Sir Philip Green tries- and fails- to pour water into a cup during BHS Hearing https://t.co/gH7uiTj5dF | Sir Philip Green tries- and fails- to pour water into a cup during BHS Hearing https://t.co/gH7uiTj5dF |
| 9.49am BST | 9.49am BST |
| 09:49 | 09:49 |
| Green now interrupts the committee so he can deliver a short speech correcting some inaccuracies delivered by previous witnesses. | Green now interrupts the committee so he can deliver a short speech correcting some inaccuracies delivered by previous witnesses. |
| He says £254m was invested in BHS in the early days. | He says £254m was invested in BHS in the early days. |
| After 2009, his Arcadia empire loaned £250m, interest free, plus another £100m in additional capital. | After 2009, his Arcadia empire loaned £250m, interest free, plus another £100m in additional capital. |
| In total, he says, Arcadia put £600m in -- in the years between taking £400m dividends out and selling to Dominic Chappell. | In total, he says, Arcadia put £600m in -- in the years between taking £400m dividends out and selling to Dominic Chappell. |
| He’s trying to puncture the idea that he ravaged the business like a rapacious robber baron. | He’s trying to puncture the idea that he ravaged the business like a rapacious robber baron. |
| Green claims £600m invested in business after the dividends. "I know you were struggling w/ balance sheet... £100m of assets left on sale" | Green claims £600m invested in business after the dividends. "I know you were struggling w/ balance sheet... £100m of assets left on sale" |
| Updated | Updated |
| at 9.50am BST | at 9.50am BST |
| 9.48am BST | 9.48am BST |
| 09:48 | 09:48 |
| Green says he first thought about selling BHS in 2014, although it would have saved “a lot of aggravation” if he’d sold sooner. | Green says he first thought about selling BHS in 2014, although it would have saved “a lot of aggravation” if he’d sold sooner. |
| 9.45am BST | 9.45am BST |
| 09:45 | 09:45 |
| Green keeps interrupting MPs with 'with respect' .. Not sounding too humble though.. Quite sharp.. | Green keeps interrupting MPs with 'with respect' .. Not sounding too humble though.. Quite sharp.. |