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Sir Philip Green faces more pension questions from Frank Field Topshop boss denies report he is selling the business
(about 11 hours later)
MPs are to scrutinise pension schemes at the retail empire of Topshop boss Sir Philip Green. Sir Philip Green has vehemently denied a report that he is planning to sell his Arcadia retail empire.
Frank Field, chairman of the Work and Pensions Committee, says the move follows reports Sir Philip is in talks to sell all or part of his business. In a statement, Arcadia said a story in The Sunday Times claiming Sir Philip is in talks to offload all or part of the Topshop-owner is "totally false".
The Sunday Times claimed that the billionaire had held talks with Chinese textiles giant Shandong Ruyi. The newspaper said Sir Philip is in discussions with China's Shandong Ruyi about a potential deal.
Mr Field, who clashed with Sir Philip over BHS's collapse, told the BBC Sir Philip may have questions to answer. However, Arcadia said neither Sir Philip or its directors "have ever met or had any contact with Shandong Ruyi".
The article also alleges that Sir Philip has been in discussions with bankers from HSBC about separating Topshop from Arcadia.
But Arcadia said the statement regarding discussions with HSBC are "totally untrue", and claimed the report was "further evidence" of a "personal vendetta against Sir Philip and his companies".
It said: "The 22,000 people that work at Arcadia should not be subjected to this type of malicious rumour-mongering."
In response, The Sunday Times said: "This is a public interest story, which The Sunday Times investigated thoroughly before publication, and we stand by our report."
Sir Philip's Arcadia group, whose brands also include Burton, Miss Selfridge, Dorothy Perkins and Wallis, has 2,800 stores across the world.Sir Philip's Arcadia group, whose brands also include Burton, Miss Selfridge, Dorothy Perkins and Wallis, has 2,800 stores across the world.
However, his flagship brand, Topshop, has struggled against competition from the rise of online rivals such as Boohoo and Asos. However, his flagship chain, Topshop, has struggled against competition from the rise of online rivals such as Boohoo and Asos.
According to latest figures, profits at Taveta, Arcadia's holding company, fell 79% in 2016.According to latest figures, profits at Taveta, Arcadia's holding company, fell 79% in 2016.
Last year, Sir Philip revamped management in a bid to revive the brands.Last year, Sir Philip revamped management in a bid to revive the brands.
Sir Philip, aged 65, could not be reached for comment and the Sunday Times' report has not been confirmed. 'Pension payment'
However, Mr Field said his committee would now "look at the state of Sir Philip Green's pensions schemes and whether he can sell to whomever he wants without having some very important questions or putting in some money into the whole Arcadia pension pot". Following The Sunday Times story, Frank Field, chairman of the Work and Pensions Committee, said that he had written to Sir Philip Green asking if he will he seek clearance from The Pension Regulator for any deal.
Long-running feud Arcadia, which confirmed receipt of the letter, said that it had promised to pay £50m a year into its pension fund, "the most recent payment being made this month".
Speaking on the BBC's Today programme, Mr Field said: "We will investigate, but the first stage is to try to find the facts," adding that the committee would be writing to Arcadia "to find out what the position is" on the reported sale. It added: "The group remains unborrowed at the operating level and has substantial property assets."
The move risks reopening a long-running feud between Sir Philip and the Labour MP, whose Commons committee last year investigated the sale and subsequent collapse of BHS. The Work and Pensions Committee last year investigated the sale and subsequent collapse of BHS, which Sir Philip sold to an investment vehicle called Retail Acquisitions Ltd in 2015 before it went bust the following year.
When the BBC asked Mr Fields whether it might look like a vendetta, he replied: "I hope it doesn't."
The failed High Street chain was left with a huge pension deficit, although Sir Philip later agreed a £363m cash settlement with the Pensions Regulator to plug the gap.The failed High Street chain was left with a huge pension deficit, although Sir Philip later agreed a £363m cash settlement with the Pensions Regulator to plug the gap.
Mr Field has criticised Sir Philip's actions, and last August the businessman sent a legal warning to the MP.Mr Field has criticised Sir Philip's actions, and last August the businessman sent a legal warning to the MP.
Shandong Ruyi has been expanding in Europe. It has bought controlling stakes in the Swiss luxury leather goods company Bally and London-listed fashion manufacturer Bagir.Shandong Ruyi has been expanding in Europe. It has bought controlling stakes in the Swiss luxury leather goods company Bally and London-listed fashion manufacturer Bagir.
The Chinese company bought Acquascutum last year for £95m.The Chinese company bought Acquascutum last year for £95m.