Retail tycoon Sir Philip Green is considering his options after Labour MP Frank Field failed to respond to Green's claims of defamation and a demand for an apology within 24 hours. That was over a day ago.
Lawyers instructed by Green wrote to Field yesterday, claiming the chair of the work and pensions committee used a BBC interview to accuse the retailer of stealing money from the BHS and Arcadia pension funds.
Field said Green had “plundered” money from the companies, and argued Green’s conduct was worse than that of former newspaper proprietor Robert Maxwell, who stole from Mirror Group pensioners.
A source close to Field has confirmed that while a response is being prepared – and an apology is thought to be unlikely – it would breach Green's 24 hour requirement.
A spokesman for Green told City A.M. tonight the retail tycoon is “considering his next move”.
The letter sent to Field, authored by lawyers Schillings, said that while the matter was urgent, the retailer was retaining a full range of potential actions.
"The other remedies to which our client is clearly entitled will very much depend on form and manner of your response and in the meantime, all of our client’s rights are reserved," Schillings said.