'˜I'll sort pensions' as Sir Philip Green says sorry to BHS staff

By The Newsroom
Published 15th Jun 2016, 15:59 BST
Updated 15th Jun 2016, 17:02 BST
Sir Philip Green defended his actions during his evidence to the committeeSir Philip Green defended his actions during his evidence to the committee
Sir Philip Green defended his actions during his evidence to the committee
Sir Philip Green has apologised to the staff of collapsed retailer BHS, adding that he will 'sort' the firm's dilapidated pension scheme which has a £571 million black hole.

The Topshop billionaire faced a grilling MPs from the Business and Pensions committees who are investigating the firm’s failure.

“Nothing is more sad than how this has ended and I hope during the morning you will hear that there was no intent on my part for anything to be like this and didn’t need to be like this.

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“I just want to apologise to all the BHS people who are involved in this and have been involved.”

BHS’s collapse has left a potential 11,000 jobs at risk and a £571m pensions black hole, with the schemes of approximately 20,000 current and former workers falling into the Pension Protection Fund (PPF).

But the tycoon vowed: “We want to find a solution for the 20,000 pensioners. We still believe that money into the PPF does not resolve it.

“The schemes are quite complex, but from what I’ve seen I would say it’s resolvable, it’s sortable, we will sort it, we will find a solution and I want to give my assurances to the 20,0000 pensioners that I am here to sort this.”