The business secretary Alok Sharma yesterday asked the insolvency watchdog to investigate whether the actions of directors across the Arcadia Group, which owns a number of brands including Topshop, Burton and Miss Selfridge, may have led to issues for the retailer’s pension fund. 

The group sank into administration on Monday, potentially leaving a £350m pension black hole for its more than 13,000 staff who now face being forced out of a job before Christmas. 

Last year, Tina Green, Sir Philip’s wife and the ultimate owner of Arcadia, pledged to pay an extra £100m into the pension fund over three years, and signed over property worth £210m, in order to get a company voluntary arrangement passed by creditors.