Thank you for contacting me about British Homes Stores (BHS) following the announcement that it has filed for administration.
I appreciate your concerns on this issue. This is a very difficult time for the many thousands of people who work in BHS stores across the UK and their families. While BHS is still open for business as usual, and there are currently no plans for immediate redundancies or store closures, administrators are looking to sell BHS as a going concern.
I am aware that a number of concerns and allegations into the circumstances surrounding BHS's collapse have been expressed. In Parliament, two Select Committees are already looking into the matter, while both the pension regulator and the Insolvency Service are carrying out investigations. Given I am serving on the select committee investigation and we are receiving evidence it would be inappropriate for me to go into detail at this stage but rest assured that I am taking a close personal interest in the issue.
The Business Secretary, Sajid Javid, has instructed the Insolvency Service to fast-track its investigation, which will specifically consider the extent to which the conduct of the directors of BHS led to its insolvency. The Insolvency Service have also been instructed to look at other individuals who were previously directors and whether their actions may have caused detriment to its creditors, including detriment to any employees who are owed money.
It is also worth noting that the BHS pension scheme is in the early stage of a Pension Protection Fund (PPF) assessment, during which time the PPF will determine the final funding position of the scheme and whether it should assume responsibility for it.
Rest assured, I will continue to follow the outcome of these matters closely and any issues of misconduct will be taken very seriously.
Thank you again for taking the time to contact me.
