Linklaters, Nabarro and Olswang partners to face MP grilling over BHS sale next week
Former Arcadia Group chair Lord Grabiner also invited to give evidence alongside partners from the three firms about the sale and collapse of BHS
May 18, 2016 at 08:24 AM
3 minute read
Partners from Linklaters, Nabarro and Olswang are set to face MPs on Monday in connection with their role in the sale of retailer BHS and their advice in connection with its pension arrangements.
The Business, Innovation and Skills (BIS) Committee and the Work and Pensions Select Committee are currently undertaking an inquiry into the sale of BHS to Retail Acquisitions by retail tycoon Philip Green's Arcadia for £1 last year.
On 25 April BHS collapsed into administration, putting 11,000 jobs at risk and leaving a £500m hole in its pension scheme.
Next week the inquiry will focus on the role of advisers in the sale of BHS and its subsequent pension arrangements.
Linklaters corporate partner Owen Clay will give evidence on Monday (23 May) in connection with his role as an adviser to Arcadia on its sale of BHS to Retail Acquisitions.
On Wednesday (25 May) it will be the turn of Olswang corporate partner David Roberts to face the MPs' questioning, in connection with his role advising Retail Acquisitions on its purchase of BHS.
Nabarro pensions partner Ian Greenstreet and former partner Anne-Marie Winton, now of ARC Pensions Law, are also set to give evidence to MPs on Monday, as part of the inquiry into pensions issues.
Lord Grabiner QC of One Essex Court has also been invited to speak to the MPs on Monday regarding his role in the deal as former chair of Arcadia Group.
Two further solicitors will give evidence to MPs next week. Solicitors Mark Tasker and Eddie Parladorio were board members of Retail Acquisitions at the time of its purchase of BHS.
Tasker is head of corporate and commercial at City law firm Bates Wells Braithwaite while Parladorio was previously a defamation partner at London media law firm Schillings.
Iain Wright MP, chair of the BIS Committee, said: "We will want to untangle the nature of the advice, both formal and informal, that was provided to Arcadia and RAL as part of the sale process."
BHS owes more than £500m to its creditors, including nearly £70m to landlords.
Weil Gotshal & Manges' London office is advising BHS on the administration, with DLA Piper advising administrator Duff & Phelps.
Nabarro declined to comment. Olswang and Linklaters have been contacted for comment.
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