Sunday 12 February 2017 11:47 am

John Lewis, Pret and the 30 biggest private companies MPs want held more accountable

By: Lynsey Barber

Middle class favourite John Lewis and lunch time hotsport Pret a Manger are just two of Britain's most well-known businesses which could be subject to a stricter code of governance traditionally reserved for Britain's top public companies.

Under new proposals suggested by a group of MPs, 30 of Britain's biggest privately owned companies would have to set out how they comply with the code on matters such as accountability, relations with shareholders and remuneration, or to explain why they have not complied with the rules.

Read more: After BHS: MPs eye stricter transparency rules for private companies

Arcadia Group, the company behind high street favourites such as Topshop and Miss Selfridge is also one of the firms identified by MPs as part of an investigation into the collapse of BHS, along with other fashion stores River Island and New Look.

MPs argue that the biggest firms which are not listed should be more transparent following the collapse of BHS last year which left a huge £200m pension deficit. They claim the stricter reporting would reduce the chances of such a thing happening again.