The joint enquiry undertaken by the Business, Innovation and Skills Committee together with the Work and Pensions Committee is investigating the controversial £1 sale of BHS by former owner and Arcadia Group boss Sir Phillip Green to City-based investors Retail Acquisition last March, and the selection of Retail Acquisitions as a suitable buyer. The inquiry will also zero in on ‘Project Thor’, a plan to shore-up the company’s pension scheme which was tabled by the company two years ago but never implemented. BHS entered into administration last month with a £517m hole in its pension scheme.

City partners face questions

On Monday, City partners will feature on a list of advisers which the government wishes to question over the disposal of BHS last year and its pension scheme arrangements. Linklaters corporate partner Owen Clay will be asked to discuss the advice he gave to Arcadia in relation to the £1 sale of BHS last year. Nabarro pensions partner Ian Greenstreet and former Nabarro partner Marie Winton, now of ARC Pensions Law, will be questioned about their advice to the company on pensions. Finally, Olswang corporate partner David Roberts has been invited to give testimony in relation to his role in the purchase of BHS by Retail Acquisitions. 

Sources: Law Society Gazette; BBC