Tories want Sir Philip Green to be stripped of knighthood unless he plugs £600m BHS pensions black hole
Backbenchers will lead the charge unless he 'throws £600 million on the table and all the pensions are saved'
MPs will call for Sir Philip Green to be stripped of his knighthood if the tycoon refuses to step in and plug the BHS £571million pensions black hole.
Sir Philip, who owned the high street chain for 15 years, will be grilled by MPs in Parliament next week about how the business collapsed.
He has been criticised for his time running BHS and his decision to sell it for a pound to an ex-racing driver and former bankrupt Dominic Chappell.
When Mr Chappell appeared in front of MPs on Wednesday he blamed Sir Philip for the business folding, and said the pension deficit was the main issue.
A senior Westminster source said: “If Sir Philip turns up next week and showers us with his wealth, throws £600 million on the table and all the pensions are saved, then that's fine.
"If not, there is such outrage that there will be open calls for his knighthood to be revoked, with a group of Tory backbenchers leading the charge."
As well as Sir Philip’s appearance in front of the business and pensions select committees, they will also be calling some of his inner circle of City confidants, his stepson and some of the biggest names in British business.
Tory donor Richard Caring, the millionaire tycoon behind The Ivy restaurant, Goldman Sachs vice chairman Michael Sherwood and Sir Philip's stepson Brett Palos have all been summoned to appear later this month.
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Mr Caring, a one-time shareholder in BHS, received £93 million in dividends from the retailer.
Banker Mr Sherwood forged close links with Sir Philip when helping him with a failed bid for Marks & Spencer.
Sir Philip has come under fire for selling a BHS property to Mr Palos, with claims that the chain lost out on £3.5 million as a result.
Paul Sutton, who introduced Sir Philip to Dominic Chappell, the man who eventually bought BHS for £1, has also been asked to appear before MPs.
Sports Direct boss Mike Ashley was summoned but he has agreed to give his evidence in writing instead.
During Mr Chappell’s evidence on Wednesday he claimed that a BHS rescue bid by Mr Ashley was thwarted by Sir Philip.
Neville Kahn, managing partner at Deloitte, is another to be summoned, while several others who have already given evidence will be recalled.
Last week, administrators to the department store chain called time on trying to find a buyer, resulting in the loss of up to 11,000 jobs and leaving behind a £571 million pensions black hole.
Sir Philip has come in for criticism for taking £400 million in dividends out of the firm during his 15-year ownership, and for selling it to former bankrupt Mr Chappell in 2015.
