Sir Philip Green is to offer 1,000 jobs to former BHS employees at his Arcadia empire. The move comes after Green was questioned by MP's during a parliamentary hearing and promised to address the 571 million pound pension deficit that affects 20,000 former and current staff.
Sir Philip apologised to the staff of the collapsed retailer and said: “Nothing is more sad than how this has ended and I hope during the morning you will hear that there was no intent on my part for anything to be like this and didn’t need to be like this. I just want to apologise to all the BHS people who are involved in this and have been involved.”
Sir Philip has yet to explain taking 400 million pounds in dividends out of the ailing business over the course of 15 years, yes selling it for 1 pound in 2015 to Dominic Chappell.
We will find a solution and I want to give my assurances to the 20,0000 pensioners that I am here to sort this
Sir Philip added: “We want to find a solution for the 20,000 pensioners. We still believe that money into the PPF does not resolve it. The schemes are quite complex, but from what I’ve seen I would say it’s resolvable, it’s sortable, we will sort it, we will find a solution and I want to give my assurances to the 20,0000 pensioners that I am here to sort this.”
He told the MPs that there was now “a light in the tunnel” for the scheme.
Lady Green will be questioned about 'opaque web' of companies
Sir Philip's wife Lady Tina Green, who is domicile in Monaco's tax haven, is to be questioned by MP's as to the 'opaque web' of the businesses that are in her name and the role of Sir Philip in each of these. She will be also required to reveal the extent of their offshore businesses, its relevant financial trail and to disclose the list of shareholders.
Currently the 163-store chain is in the process of being wound down by administrator Duff & Phelps.