Arcadia reportedly warned BHS pension trustees in 2009 that the department store chain was being “stripped to the bone” and that it did not have enough funds to fill the hole in the pension scheme.
The news was unearthed in the minutes of meetings between BHS’s pension trustees and Arcadia, according to The Telegraph, and follows Sir Philip Green’s claims to MPs last week that the pension trustees were “asleep at the wheel”.
The collapse of BHS has left a £571m deficit in the retailer’s two pension schemes.
Green told MPs he is working on a “resolvable, solvable solution” for the 20,000 pensioners which would include a contribution outside the Pension Protection Fund (PPF).
The head of BHS’s pension trustees, Chris Martin, said a feasible proposal will cost Green over £110m.
Meanwhile Green has bought a new upgraded private jet costing £46m, according to The Guardian. The aircraft features handcrafted seats and divans, widescreen TVs and porcelain dinnerware as standard.