Saturday, October 23, 2021

Sir Philip Green offers £300 million to drop legal action

Sir Philip Green has offered to pay a voluntary sum of £300 million towards the BHS pensions deficit to avoid legal action.

As the final BHS stores shut their doors for the last time over the bank holiday weekend, the retail mogul Green has been called upon by numerous high profile names to plug the massive pensions deficit from his own pocket.

In light of this Green has now announced that he will offer a voluntary sum of £300 million to help with the 22,000 staff members whose pensions were effected by BHS‘ collapse.

RELATED: BHS pension deficit could now stand at £717 million

Green has demanded that in return for this the legal case against him and his handling of BHS be dropped, according to the Daily Mail.

An unnamed ally of Green said: “This would be a voluntary contribution, and it would be unrealistic to expect it to be made unless the anti-avoidance probe was discontinued.”

Upon selling BHS Green and his family received £400 million in dividends and the pensions deficit, which was originally £571 million now stands at around £700 million.

“I think there probably was anger at some point in the last three months. But I think everyone’s well beyond that. And I think it is now just sadness that it’s come to this,” said Simon Prager who worked for BHS for 16 years.

Click here to sign up to Retail Gazette’s free daily email newsletter


Please enter your comment!
Please enter your name here