Monday 7 November 2016

Sir Philip Green offers £300m to plug BHS pensions black hole

Philip Green

Sir Philip Green's offer to plug the BHS pensions black hole has risen more than £300 million as the regulator played hardball with the retail tycoon.

The figure is far higher than the previously reported offer of £250 million which was rejected by The Pensions Regulator earlier this week.

While BHS had a £571 million deficit when the store chain collapsed in April, the revelation of Green's latest offer suggests the two sides may still strike a deal rather than drag the process through the courts.

The BHS pension has been passed on to the Pension Protection Fund (PPF) but an offer from Green would take it out of the industry-backed scheme, offering more to pensioners.



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