BHS (4)

Former BHS owner Sir Philip Green has said there is "nothing more sad" than how the retailer's time on the High Street has come to an end.

Sir Philip, who owns brands like Topshop, Miss Selfridge, Burton and Topman through Aradia, sold BHS for just £1 last year and has been partly blamed for the company's collapse, putting 11,000 people out of work and leaving a massive hole in its pension scheme.

"Nothing is more sad than how this has ended," Sir Philip said while giving evidence to MPs.

"There certainly [was] no intent on my part for anything to be like this. It didn't need to be like this," he said.

Sir Philip sold BHS to Retail Acquisitions, led by Dominic Chappell, who has been bankrupt four times and no retail experience. Last week, Chappell claimed Green blocked an attempted rescue deal by Sports Direct owner Mike Ashley.

The committee of MPs called on Sir Philip to fully fund the remaining £571 million pension deficit, having reportedly earned around £400m himself from shares. Various reports have suggested that he is considering offering to pay towards the pension fund, but does not wish to publicly state how much.

There were concerns that Sir Philip would not appear at the hearing, having clashed with Frank Field, chairman of the Work and Pensions Committee over the past month.

The Labour MP called for the billionaire businessman to be stripped of his knighthood if he refused to fill the pension deficit. Sir Philip then hit back, claiming that Mr Field was assuming wrongdoing before any evidence had been presented, called him biased and urged him to resign.

But on Tuesday, Sir Philip said: "Having given long and hard thought to the matter, however, I have decided I will attend tomorrow morning, hoping and trusting that the committee will give me a fair hearing.

"This will be the first and only opportunity I have had to tell my side of the very sad BHS story and I will do my best to answer all the questions put to me in an honest and open way."