Freshfields Bruckhaus Deringer is acting for retail magnate Sir Philip Green (pictured centre) on his legal challenge against the Financial Reporting Council (FRC) report on the audit of now-collapsed retailer BHS prior to its £1 sale in 2015.

The magic circle firm is advising Green's company Taveta Investments, which last Thursday (15 June) filed a judicial review with the intention of forcing the FRC to amend its report, with Andrew Green QC of Blackstone Chambers acting as counsel.

The Topshop tycoon wants sections of the report redacted or amended, as they reference him and other members of the former BHS management team.

Steve Denison, the PwC accountant who audited BHS's accounts before its 2015 sale to Retail Acquisitions, has been banned from auditing work for 15 years and has been handed a fine of £325,000 after admitting misconduct relating to the audit. PwC, which was advised by Taylor Wessing, was also fined a record £6.5m.

The audit was signed off just five days before the March 2015 sale – two months earlier than in previous years.

A London team from Weil Gotshal & Manges acted for BHS when the retailer filed for administration in 2016, while Linklaters also has a longstanding relationship with Green and his Arcadia Group, acting for Green throughout the parliamentary inquiry into the BHS collapse and regulatory enforcement action, with disputes partner Andrew Hughes taking the lead role.

Green has also previously instructed media specialist Schillings to act for him following what was described as "highly defamatory and completely false" statements made by Work and Pensions Select Committee chair Frank Field MP.

Freshfields declined to comment.

Photo credit: Financial Times