Sir Philip on Dominic Chappell: We went for the wrong guy

We were wrong to sell to Chappell, says Sir Philip
We were wrong to sell to Chappell, says Sir Philip

We "one million per cent" would not have done business with Dominic Chappell if Goldman Sachs had warned us not to, Sir Philip Green says as he is quizzed by MPs over his role in the failure of the BHS retail chain.

Sir Philip, the former owner of BHS which went into administration in late April and is in the process of being wound down, said there were around six potential buyers for BHS and Chappell was only considered after undergoing checks by Goldman Sachs.

"They acted as a gatekepper and, without their approval, one million per cent we would not have done business with Dominic Chappell," said Sir Philip. "We thought the buyer was legitimate. We knew at the time Dominic Chappell had been bankrupt but so, too, had Walt Disney.

"Unfortunately we found the wrong guy. Would I do that deal again? No. Am I sorry I did it? Yes. I made a bad call selling this business to RAL [Chappell’s Retail Acquisitions], But other people made mistakes too, including lawyers, and now everyone says it’s just my fault."

Sir Philip says he  did not attend any of the meetings with Goldman Sachs: "I wanted him (Chappell) independently vetted," he said.

Towards the end of the hearing, Sir Philip threatened to walk out after it was suggested by Labour MP Iain Wright he tried to block the sale of BHS to Mike Ashley because of his 'ego'. After rejecting the allegation - asking for what reason would he want to stop someone buying BHS - Sir Philip said: "'That's really rude and you should apologise."