Philip Green demands new BHS owner contribute to £571m pension deficit
Sir Philip Green is demanding that the new owner of BHS, Dominic Chappell, be forced to help contribute towards the £571m deficit in the retailer's failed pension scheme.
Philip Green demands new BHS owner contribute to £571m pension deficit
The embattled retailer was put into administration in April, and since then a parliamentary investigation into the events surrounding BHS’s demise, including the pension blackhole has been underway. However, the retail tycoon has so far failed to make a ‘comprehensive and credible’ offer to rescue the scheme and was last month warned by the Pensions Regulator that he could be forced to pay the full amount if a settlement is not reached.
As part of any deal, Green is now demanding that the regulator ensures Chappell pays into the pension scheme as well, according to The Guardian.
Green declined to comment on the matter but Chappell told the Guardian that he fulfilled all his duties as a director of BHS and “at no stage did we trade immorally”. He also blamed Green for the collapse of BHS because of his failure to support the pension scheme after he sold the retail chain.