- Goldman Sachs vice-chairman Michael Sherwood will appear before MPs on Wednesday
- Sherwood will defend Goldman Sachs’ role in advising on the sale of BHS to Retail Acquisitions
- He has been an adviser for Sir Philip Green for more than 10 years
Sir Philip Green’s long-time adviser and Goldman Sachs vice-chairman, Michael Sherwood, will appear at the BHS parliamentary inquiry this week.
Sherwood will appear before MPs on Wednesday to shed light on the nature of Goldman Sachs’ advice on the sale of BHS to Retail Acquisitions.
In his six-hour parliamentary grilling earlier this month, Sir Philip Green said he “one million percent” would not have sold the department store retailer to Retail Acquisitions without the retail consortium passing an informal vetting process by the bank.
Although Goldman Sachs was not paid to advise on the sale of BHS, one of the bank’s most senior advisers, Anthony Gutman, met with Retail Acquisitions chairman Dominic Chappell on Green’s behalf prior to the sale.
Sherwood previously acted as an adviser for Green during his failed bid for Marks & Spencer in 2004.
BHS collapsed into administration in April, leaving a £571m pension deficit and putting 11,000 jobs at stake. The ongoing inquiry requested documents from Green’s wife Tina last week on the ownership of the Arcadia business.
The retailer, which is being wound up after a buyer for the business failed to materialise, has said it will trade throughout the summer to shift excess stock.