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Sir Philip Green ‘close’ to £350m BHS pension deal

A deal to rescue the pensions of thousands of former BHS workers could be unveiled this week.

Arcadia boss Sir Philip Green is just days away from signing a provisional deal with The Pensions Regulator to plough £350m into the BHS scheme, Sky News reported.

However, sources cautioned that there were still “moving parts”, and so there could be further delays.

Frank Field, chair of the work and pensions committee, which held an inquiry last summer into the collapse of BHS, said: “The key test is whether pensioners and future pensioners will get from this deal the pensions they expected before Sir Philip took ownership of BHS.

“The committee will be very pleased if there is a deal but will carefully analyse it to assess whether existing and future pensioners have been disadvantaged, and we may well call Sir Philip and The Pension Regulator back to give evidence if the deal is unsatisfactory in this regard.”

Sir Philip Green sold BHS to serial bankrupt Dominic Chappell in March 2015, a year before it collapsed into administration with a pension deficit worth £571m on a buyout basis.

A spokesman for the regulator said the talks were ongoing, adding:. “Any settlement offer we accept has to be robust enough to stand the test of time and mean that members and the Pension Protection Fund are not left in a worse position further down the road.”

Readers' comments (1)

  • I don't know Philip Green but no matter what he does now, it will never be enough to win the hearts of the British public. This is more than I expected him to offer; if he pays, let's leave him in peace to enjoy his yacht and move on - he's worked hard all his life & I salute him for making this offer regardless if it's a little short of the full deficit! Many other men would not do the same!!

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