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Sir Philip Green in talks to help plug BHS pensions gap

Arcadia owner Sir Philip Green has reportedly offered the owners of BHS £80m to help plug the struggling chain’s pension deficit.

Philip Green

The offer was made in response to pressure from the Pension Protection Fund (PPF), the safety net for the pension funds of failed companies, the Sunday Times reports. Negotiations between the parties are ongoing, sources told the newspaper.

BHS has a pensions deficit of more than £200m.

Green sold BHS to Retail Acquisitions for £1 last March. As part of the sale, he agreed to contribute £15m to the pension fund over three years. The first of those payments has already been made.

Last Thursday, BHS filed a company voluntary agreement (CVA) in an attempt to renegotiate rent deals on half of its 164 stores. A day later, the department store chain placed around 150 of its 450 head office roles into consultation.

BHS chief executive Darren Topp told Drapers the firm is in active discussions regarding the gaping pension deficit, but that they have not yet come to a conclusion.

 

 

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