Jon Trickett MP, Labour’s Shadow Secretary of State for Business, Energy and Industrial Strategy, commenting on the Select Committee’s report on BHS said:  

“The Select Committee’s damning report shows how Phillip Green extracted millions from BHS over 15 years and then sold it to a bankruptee who went on to receive further millions from the company.

“But a range of well-known accountancy, banking and other companies who had a duty to provide professional independent advice failed to prevent the actions described in the report.

“This left 11,000 loyal hard-working people without a job and a massive pension deficit. No one should be allowed to keep a knighthood after such actions. He must also pay back the millions of pounds to the pension fund.

“It was sad to see the demise of a long loved staple on our high street. Knowing that it was used to line the pockets of a few at the expense of the workers, customers and the public makes it even sadder.

“Actions such as Phillip Green’s are damaging public trust in business even though the majority of businesses act properly. Clearly Philip Green has a great deal to answer for.

“It is clear however that what happened at BHS – whilst attributable to individual greed – amounted also to a failure of weak corporate governance structures.

“The Government must now launch an immediate and thorough review of how such companies are governed and how their professional advisors operate with the intention of implementing rapid and far-reaching reforms. To avoid doing so would leave other companies at similar risk in the future.”

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