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| MPs invite Sir Philip Green to answer BHS questions | MPs invite Sir Philip Green to answer BHS questions |
| (about 9 hours later) | |
| Former BHS owner Sir Philip Green has been invited to appear before two parliamentary committees to answer questions about the High Street chain's collapse into administration. | |
| Sir Philip owned BHS - which went into administration on Monday - for 15 years before selling it for £1 in 2015. | Sir Philip owned BHS - which went into administration on Monday - for 15 years before selling it for £1 in 2015. |
| The work and pensions and business committees have asked to question him. | The work and pensions and business committees have asked to question him. |
| Work and pensions committee chair Frank Field said MPs would ask "how and where money went out of the company". | Work and pensions committee chair Frank Field said MPs would ask "how and where money went out of the company". |
| Committee inquiry | Committee inquiry |
| Last week BHS was put into administration amid falling sales, huge debts and a pensions deficit of £571m - putting around 11,000 jobs at risk. | Last week BHS was put into administration amid falling sales, huge debts and a pensions deficit of £571m - putting around 11,000 jobs at risk. |
| Since then, Sir Philip has been criticised by some MPs for paying out large dividends while its deficit was growing. | Since then, Sir Philip has been criticised by some MPs for paying out large dividends while its deficit was growing. |
| Current owner Dominic Chappell, Tina Green - Sir Philip's wife - and BHS trustees will also be invited to appear as witnesses before the cross-party committees. | Current owner Dominic Chappell, Tina Green - Sir Philip's wife - and BHS trustees will also be invited to appear as witnesses before the cross-party committees. |
| Last week, the Work and Pensions Select Committee launched an inquiry into the collapse of BHS. | Last week, the Work and Pensions Select Committee launched an inquiry into the collapse of BHS. |
| Meanwhile, the Business, Innovation and Skills (BIS) Select Committee announced an inquiry into the sale and acquisition of the firm. | Meanwhile, the Business, Innovation and Skills (BIS) Select Committee announced an inquiry into the sale and acquisition of the firm. |
| Sir Philip Green: From 'King of the High Street' to 'Unacceptable Face of Capitalism' | Sir Philip Green: From 'King of the High Street' to 'Unacceptable Face of Capitalism' |
| 'What we'll miss if BHS closes' | 'What we'll miss if BHS closes' |
| BHS: What are the next steps? | BHS: What are the next steps? |
| Pension scheme at heart of BHS woes | Pension scheme at heart of BHS woes |
| Simon Jack: Broken promises at BHS? | Simon Jack: Broken promises at BHS? |
| Mr Chappell - the majority shareholder of Retail Acquisitions - bought BHS for £1 from Sir Philip last year, taking on a £571 million pension deficit. | Mr Chappell - the majority shareholder of Retail Acquisitions - bought BHS for £1 from Sir Philip last year, taking on a £571 million pension deficit. |
| On Wednesday, Mr Chappell said he was preparing a bid to buy BHS out of administration. | On Wednesday, Mr Chappell said he was preparing a bid to buy BHS out of administration. |
| He told the BBC the administrators had been informed and talks with US-based investors were at a "mature" stage. | He told the BBC the administrators had been informed and talks with US-based investors were at a "mature" stage. |
| Pension questions | Pension questions |
| It comes as MPs have said they will also investigate how the collapse of BHS will affect the Pension Protection Fund - which provides compensation for pensioners when companies go bust. | It comes as MPs have said they will also investigate how the collapse of BHS will affect the Pension Protection Fund - which provides compensation for pensioners when companies go bust. |
| Separately, the Pensions Regulator will investigate whether BHS's former owners sought to avoid their obligations. | Separately, the Pensions Regulator will investigate whether BHS's former owners sought to avoid their obligations. |
| BHS, which employs about 11,000 people, will continue trading while the administrators seek a buyer for the business. | BHS, which employs about 11,000 people, will continue trading while the administrators seek a buyer for the business. |
| The administration means members of the pension scheme who are yet to retire will be paid a less generous pension. | The administration means members of the pension scheme who are yet to retire will be paid a less generous pension. |
| One Labour MP John Mann, and member of the Treasury select committee, said Sir Philip must repay £400m of dividends that were paid out of BHS, or give up his knighthood. | One Labour MP John Mann, and member of the Treasury select committee, said Sir Philip must repay £400m of dividends that were paid out of BHS, or give up his knighthood. |
| Sir Philip has offered to make an £80m voluntary contribution. | Sir Philip has offered to make an £80m voluntary contribution. |
| Conservative MP Richard Fuller also called on Sir Philip to clarify his involvement in the chain's demise. | Conservative MP Richard Fuller also called on Sir Philip to clarify his involvement in the chain's demise. |
| "Green and Arcadia need to put out a statement immediately clarifying their position. He has a responsibility, a duty," he said last week. | "Green and Arcadia need to put out a statement immediately clarifying their position. He has a responsibility, a duty," he said last week. |