Sports Direct owner Mike Ashley has agreed the business has “probably” outgrown his ability to run it.
He said that his business did not have the expertise to employ thousands of workers, despite having a UK-wide portfolio of 470 shops and attempting to buy BHS and its 164-strong estate and 11,000 employees.
Giving evidence in front of MPs at a select committee hearing today, he confirmed that he “100% wanted to buy BHS”, but the bid was not high enough for administrators Duff & Phelps.
Ashley also admitted that Sports Direct had paid its staff less than minimum wage for a “specific time” and that HMRC were investigating the firm over the failure.
He said that he could not control every aspect of the business, and added: “I am not Father Christmas. I am not saying I will make the world wonderful.”
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