Your browser is no longer supported. For the best experience of this website, please upgrade to a newer version or another browser.

Your browser appears to have cookies disabled. For the best experience of this website, please enable cookies in your browser

We'll assume we have your consent to use cookies, for example so you won't need to log in each time you visit our site.
Learn more

Arcadia warned BHS pension trustees of being "stripped to bone"

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.


Have your say

You must sign in to make a comment

Please remember that the submission of any material is governed by our Terms and Conditions and by submitting material you confirm your agreement to these Terms and Conditions. Links may be included in your comments but HTML is not permitted.