Entrepreneur faces 15-year disqualification over BHS collapse
THE entrepreneur behind Topshop and the Arcadia group, Sir Philip Green, faces disqualification as a director if he is found guilty of misconduct at the fast-tracked inquiry into the administration of BHS.
Yesterday, Business Secretary Sajid Javid instructed the Insolvency Service to fast-track its investigation into BHS, which Sir Philip and his wife Lady Green sold to former racing driver Dominic Chappell last year. They had bought it for £200m in 2000.
Mr Chappell had no previous retail experience when he bought the business for £1.
Last month administrators Duff & Phelps were called in after a last-minute rescue deal fell through. It had already been forced to organise CVAs with landlords to renegotiate rent in March.
The retailer has reportedly been left with a pension deficit of £571m, and the pensions regulator will be investigating whether Green attempted to fill the hole in the pension fund.
Business Secretary Sajid Javid said: “I have asked the Insolvency Service to bring forward its investigation rather than wait 3 months for the administrators to report before launching their inquiry.
“This investigation will look at the conduct of the directors at the time of insolvency and any individuals who were previously directors. Any issues of misconduct will be taken very seriously.”
The Insolvency Service said that any director found guilty of misconduct over the collapse of BHS will face a disqualification of between 2 and 15 years.
