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BHS: Sir Philip Green tells MPs of his sadness at collapse of BHS BHS: Sir Philip Green tells MPs of his sadness at collapse of BHS
(35 minutes later)
Sir Philip Green has apologised for the demise of BHS, saying "nothing is more sad than how this has ended".Sir Philip Green has apologised for the demise of BHS, saying "nothing is more sad than how this has ended".
The billionaire, whose empire includes Top Shop and Dorothy Perkins, is giving evidence to MPs about the BHS collapse.The billionaire, whose empire includes Top Shop and Dorothy Perkins, is giving evidence to MPs about the BHS collapse.
Sir Philip sold BHS last year for £1, but its collapse with the loss of up to 11,000 jobs has left a huge hole in the pension scheme.Sir Philip sold BHS last year for £1, but its collapse with the loss of up to 11,000 jobs has left a huge hole in the pension scheme.
"There certainly [was] no intent on my part for anything to be like this. It didn't need to be like this," he said."There certainly [was] no intent on my part for anything to be like this. It didn't need to be like this," he said.
MPs kicked off the inquiry with questions about why Sir Philip moved to Monaco, a tax haven. Sir Philip has come in for criticism for the £400m in dividends taken out of the firm during his 15-year ownership, his management of the pension scheme, and the sale of BHS in 2015 to ex-racing driver and former bankrupt Dominic Chappell, who had no retail experience.
The businessman said he left Britain because of a heart scare. "When I went there, I had no idea I was ever going to do any more business," he said. However, during a tetchy first hour of the hearing, Sir Philip told MPs that his Arcadia retail empire had invested £800m in BHS in a bid to turn around a business that "structurally was in the wrong shape".
Sir Philip said his companies have paid "substantial" tax and could have been set up completely differently if he had wanted to avoid tax by moving everything offshore.
Asked when he first "thought" about selling BHS, Sir Philip replied that it was 2014. He said there was "no thought process - perhaps there should have been - it would have saved a lot of aggravation".Asked when he first "thought" about selling BHS, Sir Philip replied that it was 2014. He said there was "no thought process - perhaps there should have been - it would have saved a lot of aggravation".
The committees have already taken evidence from the pensions regulator and advisers on the sale of the 164-store chain to Dominic Chappell, an ex-racing driver and former bankrupt. 'Stop staring at me'
He also defended his use of the tax haven Monaco to run his operations, saying: "I don't accept that it is tax avoidance. With respect, if you look at our corporate structure, there is a lot of stuff written and I don't want to talk about other companies, it is not my style.
"I could have been a lot more aggressive than I probably was. Every penny our company has made in the United Kingdom has paid tax."
The businessman said he only left the UK because of a heart scare. "When I went there [Monaco], I had no idea I was ever going to do any more business," he said.
MPs have already taken evidence from the pensions regulator and advisers on the sale of the 164-store chain to Mr Chappell.
In an extraordinary exchange, Sir Philip stopped mid-sentence at one point to rebuke Richard Fuller MP for "staring" at him.
He said to Mr Fuller: "Sir, do you mind not looking at me like that all the time, it's really disturbing. You just want to stare at me, it's uncomfortable.
Mr Fuller replied: "I don't wish to make you feel uncomfortable, Sir Philip... I think it is another parliamentary colleague that is known for his death stare."
Biased
Last week, Mr Chappell told MPs that, as BHS teetered on the edge of collapse earlier this year, Sir Philip blocked a rescue deal involving Mike Ashley, the owner of Sports Direct.Last week, Mr Chappell told MPs that, as BHS teetered on the edge of collapse earlier this year, Sir Philip blocked a rescue deal involving Mike Ashley, the owner of Sports Direct.
MPs will also want to know why Sir Philip sold BHS to a man with no retail experience, and why in 2014 he abandoned a plan to restructure the retailer and address the pension fund deficit. MPs also want to know why Sir Philip sold BHS to a man with no retail experience, and why in 2014 he abandoned a plan to restructure the retailer and address the pension fund deficit.
Ahead of the hearing, there had been tension between Sir Philip and Frank Field, chairman of the Work and Pensions Committee.
Mr Field had called on Sir Philip to fully cover the £571m deficit in the pension scheme, which covers 20,000 current and former employees.Mr Field had called on Sir Philip to fully cover the £571m deficit in the pension scheme, which covers 20,000 current and former employees.
There have been reports that during the hearing, Sir Philip may offer to put money into the pension fund, but he does not want to discuss the details publicly. Sir Philip initially threatened not to appear at the joint inquiry of the Business and the Work and Pensions committees. Last week, the businessman claimed that the Labour MP was biased and called for his resignation.
Sir Philip initially threatened not to appear at the joint inquiry of the Business and the Work and Pensions committees.
Ahead of the hearing, there was tension between Sir Philip and Frank Field, chairman of the Work and Pensions Committee.
Last week, the businessman claimed that the Labour MP was biased and called for his resignation.
'Honest and open''Honest and open'
However, on Tuesday, Sir Philip said: "Having given long and hard thought to the matter, however, I have decided I will attend tomorrow morning, hoping and trusting that the committee will give me a fair hearing.However, on Tuesday, Sir Philip said: "Having given long and hard thought to the matter, however, I have decided I will attend tomorrow morning, hoping and trusting that the committee will give me a fair hearing.
"This will be the first and only opportunity I have had to tell my side of the very sad BHS story and I will do my best to answer all the questions put to me in an honest and open way.""This will be the first and only opportunity I have had to tell my side of the very sad BHS story and I will do my best to answer all the questions put to me in an honest and open way."
Sir Philip owned the department store chain for 15 years until 2015, when he sold it to Mr Chappell's company, Retail Acquisitions.
BHS went into administration in late April. After no buyer could be found, administrators Duff and Phelps announced that BHS would be wound down, with the shops closed by the end of July.BHS went into administration in late April. After no buyer could be found, administrators Duff and Phelps announced that BHS would be wound down, with the shops closed by the end of July.
The BHS pension scheme has had to be absorbed by the Pension Protection Fund at a cost of about £275m.The BHS pension scheme has had to be absorbed by the Pension Protection Fund at a cost of about £275m.
The hearing can be watched online.The hearing can be watched online.