BHS’s new owners could be facing a £160m hole in the company’s pension scheme, The Independent reports.
Accounts filed at Companies House on June 4 show the retailer’s underlying pension deficit had climbed to £139m for the year ended August 30, up from £136.6m in 2013. After a £27.8m tax credit, the net deficit was £111.1m, up from £109.3m.
Pensions consultant John Ralfe told The Independent the underlying deficit was likely to have risen to at least £160m by March.
He added: “A higher deficit will encourage the trustees to take an even tougher line with the new owners on the size of deficit cash contributions”.