Sir Philip Green: Scathing BHS Report Is 'Biased And Unfair'

Former BHS boss Sir Philip Green has dismissed a highly critical report into the company's collapse as the product of "a biased and unfair process."

Responding to a scathing report from two Commons select committees that concluded that Sir Philip had left the retailer on "life support," he said: "I have now carefully read the select committees' report and note their findings.

"I believe that the report is the predetermined and inaccurate output of a biased and unfair process."

In March 2015, English businessman and former racing driver Dominic Chappell, with the backing of investors, became the 90 percent owner of Retail Acquisitions, the firm that acquired BHS from Sir Philip Green, for £1.

While the committees' report was damning about Chappell and the "directors, advisors and hangers-on" associated with the deal, it said ultimate responsibility lay with Sir Philip, who "had failed to invest in the company" and "refused to address the substantial and unsustainable deficit" in the pension fund.

Sir Philip said: "With the benefit of hindsight, clearly Retail Acquisitions and Mr Chappell were a very bad choice as purchaser on many fronts and I feel badly let down.

"Sadly, one cannot turn the clock back. The disposal of BHS was made 100 percent in good faith and I still believe that we provided Retail Acquisitions and Mr Chappell with the appropriate finance (c. £200 million of cash and assets) to take the business forward.

"As I told the committees, I am trying to find a solution for the BHS pension and am continuing to work with the regulator to achieve an outcome.

"I am sad and sorry for all the BHS people caught up in this horrid story, but I do not believe that this story is being in any way fairly portrayed."