New pension fear at Green company

MPs were threatening to widen their inquiry into the collapse of BHS and Sir Philip Green’s sale of the retailer last night amid mounting fears over a £190million black hole in the pensions scheme of his retail company Arcadia.

His wife, Tina, now faces calls for her to give evidence to the inquiry after Sir Philip told MPs he could not hand over company documents held offshore because they are controlled by her.

The call follows an admission by the retail tycoon that he failed to monitor the growing deficit in BHS pensions for more than a decade. Richard Fuller, a Tory member of the business, innovation and skills committee, said Sir Philip’s responses ‘demonstrate a lack of understanding and knowledge of the burgeoning deficit of BHS.’

Sir Philip admitted he barely met the pension trustees for the BHS scheme between 000 – when he bought BHS – and

01 when a plan was finally formulated to plug the deficit. Arcadia, which owns Topshop, Dorothy Perkins and other high street names, is owned via Taveta Investments which is controlled by Lady Green. Sir Philip’s own £3. billion fortune is likewise controlled by his wife – who lives in the tax haven of Monaco.

Latest accounts show Arcadia’s pensions scheme has a £189.6million deficit.

Mr Fuller is writing to Frank Field, chairman of the work and pensions committee and Iain Wright – chairman of the business committee – urging them to broaden their investigation to cover Arcadia’s pensions.

He said Lady Green should be summoned: ‘All these things have been done for her benefit. It’s important we hear what Lady Green feels about this.’