Sir Philip Green’s overseas assets targeted by Pensions Regulator

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Sir Philip Green Arcadia
// Sir Philip Green’s overseas assets could be seized by the Pensions Regulator
// Green and wife Lady Tina Green said they’d invest £100m into Arcadia
// The CVA proposals are subject to final approval on Wednesday

Sir Philip Green’s overseas assets could be seized by the Pensions Regulator as it bids to secure payments promised to the Arcadia pension scheme.

Green and his wife Lady Tina Green have said they would invest £100 million into Arcadia, in addition to £75 million over three years from Arcadia, and a £210 million in security from AGL.

The news comes as Green acquired creditors’ approval for a CVA to slash rents on nearly 200 stores and close 23 stores.

However, Intu Properties, which owns 35 Arcadia shop units across the UK and is the company’s second-biggest landlord, said it would oppose Arcadia’s rescue plan.

Meanwhile, the Arcadia pension scheme, with nearly 10,000 members, is currently running an estimated deficit of between £537 million and £727 million, the Work and Pensions Committee said.

Arcadia’s CVA proposals are subject to final approval on Wednesday, according to the committee.

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