A £571m betrayal

BHS – British Homes Scandal

THE CONTRAST could not be greater – loyal BHS staff showing great dignity as they face an uncertain future following the closure of the last stores over the weekend and the arrogance of (Sir) Philip Green, the disgraced former owner of the high street institution, as calls grow for him to be stripped of his knighthood.

After his, frankly, contemptuous appearance before a Parliamentary committee when he was appalled that MPs had the temerity to ask probing questions about the sale of BHS for a pound to serial bankrupt Dominic Chappell, (Sir) Philip suggests that he might be willing to underwrite part of the former store’s £571m pension deficit if official inquiries into his business empire are called off.

How cavalier can you get? The retail tycoon clearly does not understand the growing tide of public anger after spending much of the summer in the Mediterranean aboard his £100m luxury superyacht Lionheart, a floating ‘gin palace’ which is a defining symbol of his opulence.

It’s also not for him to call the shots. The fact of the matter is that there is a massive ‘black hole’ in the BHS pension fund, not least because (Sir) Philip awarded himself £400m in dividends from the shop chain during his 15-year tenureship, and this shortfall needs to be paid back for the sake of the 22,000 members in danger of being shortchanged by this corporate largesse.

They have every right to be recompensed in full – and their interests must take precedence over (Sir) Philip’s face-saving exercise. If he wants to lose the sobriquet “the unacceptable face of capitalism”, he should show some humility and start facing up to his responsibilities.