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Sir Philip Green demands written assurances from new owner of BHS that it won't asset-strip the chain

By City & Finance Reporter for the Daily Mail

Updated: 17:39 EDT, 15 March 2015

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Sir Philip Green says he has demanded written assurances from the new owner of BHS that it would not asset-strip the department-store chain.

The retailer, who sold BHS to Retail Acquisitions for just £1 last week, insisted that the proceeds of asset sales must be reinvested in the business.

Sir Philip Green says he has demanded written assurances from the new owner of BHS that it would not asset-strip the department-store chain

Retail Acquisitions boss Kevin Smith said he and Green have agreed to top up the pension fund, which is in deficit, with annual payments for the next three years.

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