BILLIONAIRE fat cat Sir Philip Green is expected to “express regret” over his selling of now-defunct firm BHS to a former bankrupt with no retail experience when he faces MPs next week.

Sources close to Mr Green will apparently claim that the multimillion-pound tax avoider was “taken in” by Dominic Chappell’s “lies and deception” and say that he regrets the sale of the British Home Stores chain for a token £1 when he is summoned to testify before a parliamentary committee over the collapse of the company.

Green is also expected to offer an “olive branch” to furious MPs on the business committee by claiming that he is working on a plan that will see more cash pumped into the BHS pension scheme, which has been left with a deficit of £571 million.

Much of this money was taken from the scheme by Mr Green himself and stashed off shore in his wife’s name.

The billionaire is set to tell MPs that he is putting together a proposal with accountancy giant Deloitte to inject money into the fund.

One of the options under consideration is thought to include Mr Green putting close to £100m into the fund, along with waiving £35m of debt owed by BHS to his Arcadia retail empire.

But Westminster insiders believe that nothing short of the return of the entire £571m Mr Green plundered from BHS will appease the committee, with a group of Tory backbenchers poised to call for his knighthood to be revoked.

Labour MP Jim McMahon has also written to David Cameron seeking the Prime Minister’s support in stripping Sir Philip of his knighthood.

Mr McMahon said: “This person falls short of meeting the high standard required to hold this honour. I believe that the evidence is overwhelming and particularly that his knighthood which was linked to his achievements in the British retail sector is now wholly inappropriate.”

The schemes of approximately 20,000 current and former BHS workers have fallen into the pension protection fund after the retailer collapsed in April.

Mr Green has come in for sustained criticism after he took £400m in dividends out of the firm during his 15-year ownership, before selling it to Mr Chappell for a peppercorn price last year.