The former owner of BHS, Sir Philip Green, has agreed to appear in front of a committee of MPs to answer questions about the collapse of the department store.

The announcement comes after a separate fast-track investigation was ordered by the government into the actions of BHS directors and their role in the collapse.

The 88-year-old retailer fell into administration last week, putting 11,000 jobs at risk. It subsequently emerged that Sir Philip Green may have removed millions from the company in dividend payments before selling the business for a nominal £1 with a pensions deficit of £571 million.

“During Sir Philip Green’s stewardship of BHS the pension fund went from a surplus to a black hole of £571m,” said Shadow Business Secretary Angela Eagle. “What options do the Government and the Pensions Regulator now have to ensure Sir Philip Green pays his fair share of this huge liability?

“The Pension Protection Fund was designed as a lifeboat for staff pensions, not a funding stream for the owners’ luxury yachts.”