CITY grandee Lord Myners has told Sir Philip Green he should calm down ahead of a cross- party enquiry into the collapse of BHS, the Sunday Telegraph reports.
The newspaper noted that the retail entrepreneur had been angered by claims by MP Frank Field that he should pay £571m to cover the BHS pension fund deficit or “be stripped of his knighthood”.
Sir Philip, who sold BHS for £1 last year, called for Mr Field to step down from the committee that will report on the retailer as he was “prejudiced”.
Lord Myners, who is on the committee’s panel of financial assessors, told The Sunday Telegraph: “My advice to Sir Philip is to calm down and understand that the Select Committee is an opportunity to explain. If he thinks he has been vilified, he can respond there on the record.”
The Sunday Times reports that Scottish Gas owner Centrica had planned to merge its North Sea oil and gas production business with a rival operation owned by France’s Engie until the deal was opposed by a Chinese sovereign wealth fund.
The paper reported that sources close to the situation had said that CIC used its 30 per cent stake in Engie’s North Sea production business to block the deal.
Centrica last week announced plans to complete a surprise £700m share placing to cut debt and fund acquisitions.
The Sunday Times also notes that the All England Lawn Tennis Club grew profits by 7 per cent to £24m in the latest financial year, helped by the success of the latest Wimbledon Championships.
The club grew turnover 7 per cent annually, to £182m, reflecting the value of the broadcasting fees which account for more than half of its income.
The Mail on Sunday reports that the Pure Gym chain has recorded a 50 per cent jump in membership after its takeover of rival LA Fitness last year.
The Leeds-based company has 622,000 members and around 160 gyms across the UK.
The paper noted Pure Gym aimed to be the market leader in the UK affordable gym sector helped by clustering sites in major cities such as London, Edinburgh, Glasgow and Manchester.
Private equity-backed Pure Gym grew turnover to £99.5m in 2015, from £68.6m in the preceding year. Profits fell to £2.6m, from £7.5m, due to exceptional expenses.
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