BHS was subject to “systematic plunder” by former owners and corporate raiders, Sir Philip Green, Dominic Chappell and their respective “hangers-on”, according to MPs. This led to the collapse of a company that once employed 11,000 people. There was little evidence found to support the reputation for retail business acumen for which Green was rewarded with a knighthood.
Green had “systematically extracted hundreds of millions of pounds from BHS, paying very little tax and fantastically enriching himself and his family, leaving the company and its pension fund weakened to the point of the inevitable collapse of both.”
Green was found to hold prime responsibility for the pensions black hole after years of refusing to provide sufficient funding, despite pleas from the fund’s independent trustees.
A damning report published in 2016, after weeks of evidence from former executives and advisers, says the “tragedy” of BHS was the “unacceptable…
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