UK firms Linklaters and Olswang have been named and shamed as advisers, who according to a report published by MPs “are all culpable” for the demise of BHS. Partners from firms including Eversheds, Linklaters, Nabarro and Olswang appeared before MPs in May of this year as part of hearings run by the Work and Pensions committee and Business, Innovation and Skills committee. The report stated, “The truth is that a large proportion of those who have got rich or richer off the bank of BHS are to blame”.
Retail Acquisitions (RAL) bought BHS for £1, and while the report stated that Olswang cannot be directly blamed for any actions made in advising RAL, “They were nonetheless content to take generous fees and lend both their names and their reputations to the deal”, according to the report. Similarly to Olswang, Linklaters’ criticism revolves heavily around reputation and fees and the complacency of both firms in regards to providing counsel for RAL.