An MP suggested seizing Sir Philip Green’s yacht to compensate the BHS pensions collapse

Philip green
Retailer Sir Philip Green. Parliament TV/Handout via REUTERS

Labour MP Frank Field suggested Sir Philip Green’s assets should be seized to compensate members of the BHS pension scheme.

Field wrote a letter to Pensions Regulator Chief Lesley Titcomb asking whether it would be possible to grab “assets other than cash” from the former-BHS owner in a pensions settlement, according to the BBC.

Field is the chairman of the Work and Pensions committee, which is investigating the BHS collapse.

Field also wanted to know whether the Pensions Regulator was able to pursue “a person resident overseas or a company registered off-shore” for compensation, the BBC said.

Green’s spokesperson declined to comment.

Sir Philip Green may be forced to pay compensation to 20,000 members of the BHS pension scheme after the UK’s pensions regulator started an enforcement action against the retail tycoon earlier this month.

The regulator sent notices of more than 300 pages each to Green, his investment companies and former BHS boss Dominic Chappell on November 3.

Green responded to the Pensions Regulator’s probe on November 3, by saying: “I have provided the Regulator with what I believe to be a credible and substantial proposal, with evidence and bank confirmation of cash availability, which would prevent the scheme from entering the Pension Protection Fund. This is in order to achieve a better outcome for the BHS pensioners.”

Sir Philip Green bought BHS in 2000 for £200 million ($248.9 million) and his family took more than £300 million in dividends out of the business shortly afterward. He sold it for £1 in 2015 and the department store collapsed into administration in April of this year.

BHS had been struggling for years and a government report into its collapse blamed under-investment and excessive dividend payouts for sending it into a downward spiral.

Green was criticised for holidaying on his luxury superyacht in Greece while the estimated £275 million black hole in the BHS pension fund remained unresolved.

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