MPS quizzing watchdog after Arcadia sale reports

A powerful group of MPS has urged The Pensions Regulator (TPR) to reveal whether it has contacted Arcadia Group following reports that the Topshop owner could be sold.

Frank Field, chairman of the Commons work and pensions committee, wants the watchdog to outline any dialogue it has had with the trustees of Arcadia’s pension scheme, which had a deficit of £565 million at the time of the end-march 2016 valuation.

In a letter to the authority, he also pressed for more detail about TPR’S use of the voluntary clearance system, which allows companies to seek the watchdog’s backing ahead of a potential sale.

The move comes after a report last month that Sir Philip Green’s retail empire could be sold to Chinese textiles firm Shandong Ruyi. Its high-street clothing brands also include Dorothy Perkins, Evans and Wallis.

The renewed pressure on the billionaire retail tycoon comes after he was lambasted by MPS over the collapse of department store chain BHS.