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Deal may be close

Green makes new offer over BHS pension deficit

Sir Philip Green Commons 15 JuneRetail tycoon Sir Philip Green has offered £300 million to the regulator to avoid lengthy legal action over the BHS pensions deficit.

The regulator is demanding Sir Philip and Dominic Chappell, who bought the chain from him for £1, pay up to compensate 20,000 members. Warning notices have been sent to the pair.

Sir Philip said he had given the regulator “a credible and substantial proposal” to plug the £571m hole, but the regulator’s chief executive Lesley Titcomb said: “We are yet to receive a sufficiently credible and comprehensive offer in respect of the BHS schemes.”

Sir Philip said he could “achieve a better outcome for the BHS pensioners” and is understood to have raised his initial offer of £250m. The regulator is demanding £350m, which is still well short of the total required.

MPs last month backed a call to strip Sir Philip of his knighthood for his role in the collapse of BHS which left 11,000 staff out of work.

Iain Wright, chairman of an inquiry, into the affair said that five months after Sir Philip told MPs he would “sort out the pensions mess” he has put “no credible plan or cash on the table”.

 

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