MPs did not mince their words in the damning report about the collapse of BHS

This article is more than 4 years old

This article is more than 4 years old

Sir Philip Green

“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.”

“Little evidence to support the reputation for retail business acumen for which he received his knighthood.”

Facebook Twitter Pinterest Lady Tina Green: ‘Still being paid tens of millions of pounds’ in tax-free loan repayments. Photograph: Mike Marsland/WireImage

Lady Tina Green

“Still being paid tens of millions of pounds of tax-free repayments on the loan that was engineered to sell BHS from one Green family business to another, and will be for some years to come.”

Sir Philip Green's reputation torn apart in damning report on BHS demise Read more

Facebook Twitter Pinterest Lord Grabiner: ‘Content to provide a veneer of establishment credibility while happily disengaging from key decisions.’ Photograph: Oli Scarff/Getty Images

Lord Grabiner

“[His] complacent performance as the non-executive chairman of the Taveta group boards [the Green family’s company that owned BHS] represented the apogee of weak corporate governance. In that position it was his responsibility to provide independent challenge and oversight. Instead he was content to provide a veneer of establishment credibility to the group while happily disengaging from the key decisions he had a responsibility to scrutinise. For this deplorable performance he received a considerable salary.”



Facebook Twitter Pinterest Dominic Chappell: ‘Out of his depth.’ Photograph: PA

Dominic Chappell

“He had his hands in the till.”

“[He] was out of his depth. He was over-optimistic to the point of arrogance.”

“Chappell accepted responsibility for [BHS’s pension scheme] with a negligent and cavalier disregard for the risks and potential consequences. This negligence continued into [his] incompetent and self-serving ownership of the company. Should Sir Philip come to a settlement with The Pensions Regulator, RAL directors should not escape regulatory investigation.”

“His description of £2.6m that he personally took, in addition to an outstanding £1.5m family loan, as ‘a drip in the ocean’ is an insult to the employees and pensioners of BHS [who] he let down.”

Grant Thornton and Olswang, advisers to Retail Acquisitions



“Both increasingly aware of Retail Acquisitions’ manifold weaknesses as purchasers of BHS. They were nonetheless content to take generous fees and lend both their names and their reputations to the deal.”

Goldman Sachs, unpaid adviser to Philip Green and his Taveta group



“Should have been either ‘in’ or ‘out’ of the deal, and demonstrably so. As it was they had authority without accountability.”

If Sir Philip Green pays up in full, then maybe he can keep his gong Read more

PriceWaterhouseCoopers (PwC) – auditor of BHS under Green’s ownership



“We were surprised that PwC did not more deeply question whether BHS was genuinely being sold as a going concern.”

MPs also urged the accountancy watchdog, the Financial Reporting Council, to conclude its investigation into PwC’s role “as swiftly as possible” and include PwC’s work in previous years and on the accounts of other Taveta group companies.



The Pensions Regulator

“Reactive and can be slow-moving” and could have “shown more urgency” in assessing attempts to restructure BHS’s pension scheme.

Facebook Twitter Pinterest The soon-to-close BHS store in Wood Green, London. Photograph: Dinendra Haria/Rex/Shutterstock

Directors of Dominic Chappell’s Retail Acquisitions (RAL) vehicle

“Board members exploited BHS for their personal gain and Dominic Chappell was the worst culprit. Their plans included removing the profitable assets from BHS and placing them directly in RAL ownership, and requiring BHS to use central services, such as property advice, provided by RAL. The suspicions of BHS managers that RAL were more intent on taking money from the business than investing in it were well founded, as evidenced by the £11m charged by RAL to BHS in the form of salaries and fees.



“Stephen Bourne and Mark Tasker jumped ship on the day that RAL acquired the business with personal financial rewards that it would take many BHS employees decades to earn. The others, Eddie Parladorio, Lennart Henningson, Keith Smith and Aidan Treacy, continued to profit handsomely from their positions without fulfilling their requisite responsibilities”

