Goldman Sachs questioned for role in downfall of BHS

Global investment and banking group Goldman Sachs is the latest company linked to the downfall of British department store group BHS.

The company has been asked by parliamentary inquiry to account for its role in Sir Philip Green’s disastrous 1 pound sale of BHS. Anthony Gutman, one of the top London bankers, will face questions from MPs on his part in the deal. Such scrutiny will be awkward for Goldman, which prides itself on giving discreet advice to blue-chip clients, noted the Sunday Times.

A joint business and work & pensions committee is also understood to have called senior figures from law firms Linklaters and Nabarro, and the accountants Deloitte and PwC, all of which advised Topshop billionaire Green in some capacity.

The law firm Olswang and accountants Grant Thornton, the main advisers to Dominic Chappell, the serial bankrupt who bought BHS, only for it go into administration last month, will also appear on a separate date.

Green's advisors to appear before parliament May 23

Green’s advisers are due to appear in parliament on May 23, when MPs also plan to grill key directors of Green’s Arcadia retail empire.

Questions being raised how the company found itself in its current position and whether it could have been saved will hopefully be answered from the inquiry.

It has emerged that plans to restructure BHS and put cash back into its pension fund was proposed two years ago, before the business was sold for just 1 pound.

The man who bought the business from Sir Philip Green has said that the retailer could have been saved, if his plans had been given more time.

Dominic Chappell said BHS would have been breaking even by September next year.