Tory MPs call for Sir Philip Green to be stripped of knighthood over BHS

A group of Conservative MPs is preparing to call for Sir Philip Green to be stripped of his knighthood if the tycoon refuse to help plug BHS's pension deficit.

Sir Philip, who owned BHS for 15 years, will appear before MPs next week where he will be grilled over the demise of the retailer.

The schemes of approximately 20,000 current and former BHS workers have fallen into the Pension Protection Fund after the retailer collapsed in April.

Sir Philip has been severely criticised for his time running BHS and the decision to sell it to former bankrupt Dominic Chappell for £1 in 2015.

"If Sir Philip turns up next week and showers us with his wealth, throws £600 million on the table and all the pensions are saved, then that's fine," a source told the Press Association.

"If not, there is such outrage that there will be open calls for his knighthood to be revoked, with a group of Tory backbenchers leading the charge."

Writing to the Honours Forfeiture Committee would be the first step in stripping the Topshop businessman of his knighthood which he was awarded in 2006 for "services to the retail industry".

The committee can then advise the Queen to withdraw the honour if a criminal offence has been committed, a person has been struck off a regulatory body or in exceptional circumstances.

Fred Goodwin was famously stripped of his knighthood over the near-collapse of Royal Bank of Scotland and subsequent financial crisis.