Sir Philip apologises to BHS staff and vows to 'sort' pension scheme

A statement released by MPs in the wake of Sir Philip Green's appearance before a committee panel today states that his evidence given flags "many further questions" for the former BHS boss.

The statement states: "We have many further questions for Sir Philip, particularly the big questions on the pension fund that he was unable to answer today."

The Pensions Regulator (TPR) has denied implications it previously refused to engage with former BHS boss Sir Philip Green, after the businessman read out a letter from a pension trustee during a committee meeting saying "there have been talks on a solution, then "brick wall" of regulator".

The TPR said "it is not true to say we are refusing to engage with Sir Philip Green" and "our door is always open".

The plan for a BHS pension solution could cost Sir Philip Green ""in excess" of £275m", a source at one of the pension authorities has told ITV News Business Editor Joel Hills.

MPs Iain Wright and Frank Field issued a joint statement in the wake of Sir Philip Green's appearance before the Business and Pensions committees stating they are pleased the businessman has said he will try to put together a better deal for BHS pensioners but warning his reputation now 'depends' on what happens next.

Sir Philip Green has admitted that he "picked the wrong guy" to take over his BHS empire and "made a bad call" in opting to sell the business to Dominic Chappell’s Retail Acquisitions company RAL.

Describing the fact the company had gone into administration as a "horrible ending" he said he "didn't do it with any intent" but he did choose the wrong person to take the helm at the high-street chain.

Sir Philip Green says that he offered £5m to help Mike Ashley secure a deal for BHS after the high-street chain went into administration.

Speaking during an appearance before the Business and Pensions committee he also stated that he gave "a personal guarantee I wanted that deal to happen".

Ex-BHS boss Sir Philip Green reacted to a suggestion the reason that could have motivated his alleged blocking of a deal to save the ailing high-street chain could have been down to "ego" by branding the implication as an "insult".

He told MPs from the Business and Pensions committees that it was "really rude" that such a suggestion had been made and called for an apology from the panel.

Ex-BHS boss Sir Philip Green insisted that he had "zero" idea that Mike Ashley's Sports Direct wanted to buy BHS.

Parliamentary inquiry chair, Iain Wright MP said this contradicted a letter he received from Mr Ashley which said there was a meeting on April 21, which Sir Philip did not attend, but there was telephone contact with him over the following weekend.

Asked about his "strong emotional tie" to BHS by the parliamentary inquiry into the beleaguered retailer, Sir Philip Green told MPs: "Once it was sold, it was sold."

Richard Fuller MP, referring to an earlier statement by the ex-BHS boss, asked: "Earlier on... you said you had 'too strong an emotional tie', so how did you let it go after you sold the business, that emotional connection."

"Once it was sold, it was sold," the tycoon replied.