Sir Philip Green and hangers-on to blame for collapse of BHS say MPs

A scathing report by MPs blamed billionaire retailer Sir Philip Green, businessman Dominic Chappell and their "hangers-on" for the collapse of the BHS, putting 11,000 jobs at risk.

It said Green gained "incredible wealth" during his 15-year ownership of BHS as "significantly more money left the company than was invested in it", said the joint report by the Work and Pensions Select committee and the Business, Innovation and Skills committee.

The Green family extracted more than £300m ($394m, €359m) from BHS, according to the report.

Green sold the business to Chappell in March 2015 for £1, only for it to collapse within 13 months with a pension deficit of £571m affecting up to 20,000 people's pensions.

All of BHS's remaining stores will close by the end of the August after the store went into administration in April.

The MPs said: "Sir Philip owes it to the BHS pensioners to find a resolution urgently. This will undoubtedly require him to make BHS a large financial contribution. He has a moral duty to act, a duty which he acknowledges."

The report also slammed Chappell, which it said had not put money into the retailer and yet "had his hands in the till". It said the former racing driver had personally taken $4.1m from the company in the 13 months he owned BHS, including a £1.5m interest-free loan, which was secured against his father's house.

It added Chappell was "over-optimistic to the point of arrogance".

Bank Goldman Sachs, law firm Olswang and accountancy firm Grant Thornton were also criticised for their roles in the sale of BHS to Mr Chappell in March 2015.

The Times noted that Green is believed to currently be on board his 300ft yacht Lionheart in the Greek Islands. The newspaper said the billionaire and his wife took delivery of the £100m vessel a few months before BHS entered into administration.

Green and Chappell both declined to comment.