Sir Philip Green WARNED he could lose knighthood year after BHS collapse

He has also been told that he faces new questions from MPs, amid concerns over the settlement he struck with regulators to cover a black hole in the BHS pension fund. 

The entrepreneur agreed to pay £363million to settle the scheme in February, less than the £571million deficit the high street store was left when it collapsed in April last year – but claimed the move represented a “significantly better” outcome than if the scheme entered the Pension Protection Fund (PPF). 

Labour MP Frank Field said Sir Philip remains “on the hook”, adding: “When Parliament comes back … we need to pursue the charge sheet from The Pensions Regulator against him and what the Pensions Regulator got in return. 

“Once we have done that, we will realise how inadequate his settlement was.” 

Mr Field, who chairs the Work and Pensions Committee, continued: “He has not done enough to hold on to his knighthood.

“It’s rather good that [Theresa] May is waiting for all the reports to come in before she makes a recommendation to the honours forfeiture committee. The case against Sir Philip will continue in the new Parliament.” 

The collapse of BHS resulted in the loss of 11,000 jobs and affecting around 19,000 pension holders.