The Courier & Advertiser (Fife Edition)
MPs recommend Green should lose knighthood
Former owner of retail chain BHS labelled a ‘billionaire spiv’ by politicians
MPs sought to ramp up the pressure on Sir Philip Green by unanimously recommending he is stripped of his knighthood.
The former BHS owner was labelled a “billionaire spiv” and compared to Napoleon as MPs lined up to criticise his role in the retail chain’s demise.
They have asked the Honours Forfeiture Committee to ensure Sir Philip’s knighthood is “cancelled and annulled”, with the move viewed by one former minister as part of the businessman’s “humiliation”.
The unprecedented decision is nonbinding, although Downing Street indicated it believes the committee may have a decision to make in the future.
The Government also called on Sir Philip to “quickly” remedy the BHS pension scheme deficit, with investigations under way into the conduct of BHS directors and the management of the pension scheme.
BHS went into administration with a £571 million pension scheme deficit shortly after being sold for £1 by Sir Philip to serial bankrupt Dominic Chappell.
Iain Wright, chairman of the Business, Energy and Industrial Strategy Committee, said BHS is “one of the biggest corporate scandals of modern times”.
The Labour MP told the Commons: “(Sir Philip) took the rings from BHS’s fingers, he beat it black and blue, he starved it of food and water, he put it on life support, and then he wanted credit for keeping it alive.
“His extraction of value early on in his ownership made the company less able to innovate, to retain a market share or have a competitive place in the retail market, which would allow the firm to generate the profits and be in more of a position to survive the growing pension deficit.
“This drip, drip decline provided the backdrop to Sir Philip’s wish to sell the business.”
Opening the debate yesterday, Labour MP Frank Field described Sir Philip as a “very successful traditional asset-stripper”.
He also said: “Given my age, you may have thought I might be able to touch the hem of the garment of Napoleon.
“I never knew Napoleon, but in my mind’s eye this was a character most like the Napoleon I read about in the history books while I was at school.”