BHS scheme advisers and lawyers summoned to give evidence as part of parliamentary inquiries
The advisers to both the BHS pension schemes and Arcadia are among those who have been summoned to give evidence to the parliamentary committees investigating the collapse of BHS.
The Business, Innovation and Skills Committee Work and Pensions Select Committee have announced details of future joint evidence sessions for their separate inquiries into the retailer, which entered administration last month.
The session on 23 May will focus on the role of advisers and their advice on the BHS pension arrangements and the sale and purchase of BHS - and hear evidence from advisers including Anne-Marie Winton, Ian Greenstreet, Tony Clare, David Clarke, Richard Cousins, Owen Clay and Steve Denison.
On 25 May, the Committees will question the advisers to Retail Acquisitions Limited on the acquisition of BHS.
As previously announced, the committees will also question BHS Pension Fund trustees on 25 May; BHS management, the RAL Board, and Dominic Chappell on 8 June; and Sir Philip Green on 15 June.
Work and Pensions Committee chairman Frank Field MP said: "We have selected our witnesses with five key questions in mind: how much money over the past decade or more left BHS? How did the pension fund deficit grow during this phase? To whom did this money go? How did the pension fund feature in negotiations over BHS's recent change of ownership? And does the law, or rather the enforcement of the law, require reform to prevent similar episodes happening in future?"
Business, Innovation and Skills (BIS) Committee chairman Iain Wright MP added: "In these sessions, we will want to explore how Retail Acquisitions Limited was considered to be a suitable buyer for BHS, an apparently struggling high street store which was saddled with a large pension deficit. We will want to untangle the nature of the advice, both formal and informal, which was provided to Arcadia and RAL as part of the sale process. We will want to probe the role of directors in this sale and to examine whether the existing regulatory regime is fit for purpose."
The two committees are holding separate inquiries relating to BHS but these evidence sessions will be held jointly.
The timings of the evidence sessions - and the people expected to appear - are currently as follows
23 May 2016
Panel 1: Advisers on pensions
Anne-Marie Winton (former Partner) and Ian Greenstreet (Partner), Nabarro
Tony Clare (Partner), Deloitte
David Clarke (Partner), KPMG
Richard Cousins (Partner), PwC
Panel 2: Advisers to Arcadia / Taveta
Owen Clay (Partner), Linklaters
Steve Denison (Partner), PwC
Anthony Gutman (Co-Head, EMEA Investment Banking Services), Goldman Sachs
Panel 3: Arcadia / Taveta
Ian Grabiner, CEO Arcadia, [invited]
Lord Grabiner, Board member of Taveta Investments Ltd. [invited]
Paul Budge, Finance Director, Arcadia Group, Director Taveta Investments Ltd.
Gillian Hague, Director, Arcadia Group and Taveta Investments (No.2) Ltd.
Chris Harris, Group Property Director, Arcadia Group
25 May 2016
Panel 1: BHS Current Pension Fund Trustees
Chris Martin (Chair)
Mike Lymath
Phil Kitchen
Jason Hyde
Panel 2: BHS Pension Fund former Trustees
Margaret Downes (former Chair)
Siobhan Forey
Richard de Dombal
Panel 3: Advisers to Retail Acquisitions Ltd.
David Roberts, Partner, Olswang
Paul Martin, Partner, Grant Thornton
Andrew Frangos, Chief Executive, Cornhill Capital
8 June 2016
Panel 1: BHS management
Darren Topp, Chief Executive
Richard Price, Former Chief Executive
Panel 2: Retail Acquisitions Ltd. Board
Mark Tasker
Eddie Paladorio
Stephen Bourne
Panel 3
Dominic Chappell
15 June
Sir Philip Green
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