Sir Philip Green ‘could still lose his knighthood despite funding £363m BHS pensions bailout’

SIR Philip Green could still lose his knighthood despite funding a £363million BHS pensions bailout, Labour’s Frank Field claims.

Mr Field says the deal – which still leaves a £208million black hole – is “inadequate” and that BHS’ collapse must be probed again.

He told the Press Association that Green “has not done enough to hold on to his knighthood”.

Mr Field added: “Sir Philip Green remains on the hook. When Parliament comes back from the election we need to pursue the charge sheet from The Pensions Regulator against him and what the Pensions Regulator got in return.”

“Once we have done that, we will realise how inadequate his settlement was.”

The comments come almost a year to the day since BHS plunged into administration, affecting 11,000 jobs and around 19,000 pension holders.

Mr Field, who chairs the Work and Pensions Committee, said a new Government bill was needed to better protect assets.

, less than the £571 million deficit the firm was left with when it went bust in April last year.

It came after the Topshop owner was grilled by MPs over the sale of the chain, which he owned for 15 years before offloading it for £1 to former bankrupt Dominic Chappell in 2015.

Mr Chappell, who may still face a criminal investigation, reiterated his apology to the BHS staff and said he has “nothing to hide”.

He said: “It was not any of our doing, the pension deficit in BHS. Green took hundreds of millions out in 10 years, made little or no investment back, and stuck two fingers up at the pension trustees for 10 years.

“He has paid back only a fraction of what he took out.”