Ex-BHS Boss Green: Report 'Biased And Unfair'

Former BHS owner Sir Philip Green says a highly critical report into its collapse is the product of "a biased and unfair process".

Responding to a scathing report from two Commons select committees which concluded that Sir Philip had left the retailer on "life support", he said: "I have now carefully read the select committees' report and note their findings.

"I believe that the report is the predetermined and inaccurate output of a biased and unfair process.

"With the benefit of hindsight, clearly Retail Acquisitions and Mr Chappell were a very bad choice as purchaser on many fronts and I feel badly let down.

"Sadly, one cannot turn the clock back. The disposal of BHS was made one hundred per cent in good faith and I still believe that we provided Retail Acquisitions and Mr Chappell with the appropriate finance (c. £200m of cash and assets) to take the business forward.

"As I told the committees, I am trying to find a solution for the BHS pension and am continuing to work with the Regulator to achieve an outcome.

"I am sad and sorry for all the BHS people caught up in this horrid story, but I do not believe that this story is being in any way fairly portrayed."

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The committees' joint report was also critical of Dominic Chappell, who bought the company for £1 in March 2015, describing him as being "out of his depth" and accusing him of having "had his hands in the till".

The inquiry argued the ultimate responsibility for the downfall lay with Sir Philip, however, branding him the "unacceptable face of capitalism".

It concluded that Sir Philip had accrued "incredible wealth" for himself and his family, while refusing to address the "substantial" deficit in the company's pension fund.

The statement came after Frank Field, chairman of the Work and Pensions Committee, told Sky News that lawyers representing Sir Philip had threatened him with legal action after comments he made in a radio interview.

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In the letter, Schillings law firm accuses Mr Field of making "highly defamatory and completely false" comments about their client.

The statement said: "Our client has never stolen any money from BHS, Arcadia or the pension funds and you know that ... clearly an allegation that our client is a thief is likely to cause him serious harm."

Mr Field earlier told Sky News that Sir Philip was to blame for the "disaster", and said his reputation as the King of the High Street "lies in the ruins" of the failed firm.

When Sir Philip acquired BHS in 2000 for £200m, the MPs' report said the company pension schemes were in surplus, but the high level of dividends paid out - more than double the after-tax profits of £208m between 2002-04 - had left it weakened.

The two committees - Work and Pensions and Business, Innovation and Skills - said that he had a "moral duty" to make a "large financial contribution" to the 20,000 pensioners who face substantial cuts to their benefits.

The report's findings come just days after the Cabinet Office disclosed that it was reviewing Sir Philip's knighthood following calls for him to be stripped of the honour.