Sir Philip Green heavily blamed over BHS collapse as MPs condemn saga as “the unacceptable face of capitalism”

Sir Philip Green’s greed was one of the factors that led to the demise of BHS, according to a scathing report by MPs probing the collapse of the retailer which has left 11,000 jobs at risk.

The investigation by the Work and Pensions and Business, Innovations and Skills Committees concluded that Green chose to rush a sale of the 163-shops chain to a buyer who was “manifestly unsuitable”.

It concluded that decision was the culmination of a "sorry litany of failures of corporate governance and greed".

The findings come around three months after Brixton-founded BHS crashed into administration in April. That was 13 months after Green sold it for £1 to Retail Acquisitions, led by serial bankrupt Dominic Chappell.

It had a £570 million pension deficit when it failed.

Green, Dominic Chappell and the respective directors and advisers “who all got rich or richer are all culpable” the report added.

The Committees said this is “the unacceptable face of capitalism” and that the story of BHS begs much wider questions about the gaps in company law and pension regulation that must be addressed.

Frank Field MP, chair of the Work and Pensions Committee, said: “One person, and one person alone, is ultimately responsible for the BHS disaster. While Sir Philip Green signposted blame for 11,000 job losses and a gigantic pension fund hole to every known player, the buck stops with him."

Field added: "His reputation as the king of retail lies in the ruins of BHS.”

Iain Wright MP, chair of the Business, Innovation and Skills Committee, said: “The actions of people in this sorry and tragic saga have left a stain on the reputation of business which reputable and honourable people in enterprise and commerce will find appalling."

The Evening Standard has contacted Green and Chappell for comment.