Questions are being asked about the sale of BHS by Philip Green to Retail Acquisitions last year, after the retailer collapsed yesterday.

Thousands of employees are facing job losses and pension cuts, whilst attention turns on former owner Sir Philip Green who sold the company to a consortium of businessmen for £1 in 2015, years after it last made a profit in 2008.

The pensions regulator, the Pension Protection Fund, is now pursuing Sir Philip for as much as £280 million to plug a deficit left after the sale.

Administrators are currently seeking a buyer for the 88-year-old retailer which is expected to continue trading in the meantime.

Talks to sell some of its 164-store estate to Sports Direct collapsed at the weekend.
In a letter to staff, BHS’ current owner Dominic Chappell said: "It is with a deep heart that I have to report, despite a massive effort from the team, we have been unable to secure a funder or a trade sale."

Mr Chappell said he was "sincerely sorry" and assured staff they would be paid their wages this month.

He added: "You all need to keep your heads held high, you all have done a great job, but remember that it was always going to be very very hard to turn around."