Sir Philip Green has restarted his angry war of words with Frank Field, after the chair of the House of Commons Pensions Committee accused the tycoon and former BHS owner of “nicking” in a Parliamentary hearing into the collapse of the department store chain today.
In an evidence session with Sir Philip’s right-hand man, Paul Budge, Mr Field said: “A huge amount of money has gone out of these companies, gone to one family. That family could sort the pension out now if it wished to.”
Sir Philip’s family received more than £400m in dividends from BHS when he owned the retail chain between 2000 and 2015. It collapsed into administration earlier this year, leaving a £571m hole in its workers’ pension fund. Sir Philip is under pressure to fill the hole and has said he will reach a deal with the Pension Regulator.
“We’re fed up with hearing ‘I’m about to fix it’,” said an irate Mr Field. “What’s required is a very large cheque from the Green family that has done so well out of the whole of this exploitation.”
Addressing Mr Budge, who is finance director of Sir Philip’s Arcadia group, Mr Field said: “The City is furious with your behaviour, the image you put over that everybody in business is not about spreading wealth but is about nicking money off other people. Sir Philip could fix this today if he was serious.”
In a written statement yesterday afternoon, Sir Philip said this was an “outrageous outburst” from Mr Field and demonstrated “clear prejudice” from the committee chair.
“Accusing me and my family of theft is totally false and unacceptable on any basis. Mr Field needs to apologise for his shocking and offensive behaviour.”
Sir Philip had previously called on Mr Field to resign after the latter said the tycoon should be stripped of his knighthood unless he agreed to plug the hole in the BHS pension scheme.
Sir Philip sold BHS for £1 to a twice bankrupt former racing driver Dominic Chappell in March 2015. It fell into administration in May this year.
