Topshop boss faces more pension questions

MPs are to scrutinise pension schemes at the retail empire of Topshop boss Sir Philip Green.

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.

The Sunday Times claimed that the billionaire had held talks with Chinese textiles giant Shandong Ruyi.

Mr Field, who clashed with Sir Philip over BHS's collapse, said Sir Philip may have questions to answer.

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.

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.

Sir Philip, aged 65, could not be reached for comment and the Sunday Times' report has not been confirmed.

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".

Speaking on Monday, 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.

The move risks reopening a longrunning feud between Sir Philip and the Labour MP, whose Commons committee last year investigated the sale and subsequent collapse of BHS.

When Mr Fields was asked 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.

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.

The Chinese company bought Acquascutum last year for £95m.