BHS collapse: Ivy-owner Richard Caring may face MPs' questions over dividends from retailer

Richard Caring, the tycoon behind The Ivy and Annabel’s restaurants, today faced scrutiny from MPs over the £93 million in dividends he got from BHS when he was a shareholder.

Caring, who owned 22.5% of the retailer in the early days of Sir Philip Green’s ownership, may be questioned by select committees over BHS and its collapse this week with a pension deficit of £571 million.

MPs on the business and work and pensions committees are poring over BHS’s accounts and plan to order all those involved — including Green, whose family took out £400 million from the chain — to appear before them for questioning over the company’s finances.

Former business secretary Vince Cable told the Standard there was a “strong case” for Caring to be called.

Caring’s lawyers, Carter-Ruck, pointed out that he was paid the dividends between 2001 and 2004, and that he sold his stake in 2006. They said the business traded profitably while he was a shareholder, and that two years after he sold his shares, the pension fund was in surplus.

Frank Field MP, chairman of the work and pensions committee, said: “Our focus is going to be on where the money went and to whom.”

Shadow business secretary Angela Eagle added: “All those who have taken massive amounts out of BHS in dividends need to justify their actions. If it was excessive and reckless, it must be paid back.”