The latest with BHS and Philip Green

30 August 2016
The latest with BHS and Philip Green

This weekend, the last of the BHS stores closed their doors for good, being the latest famous name to disappear from the UK's high street.

After 88 years in business, BHS went under in circumstances which weren't exactly great.

Of course, a shop vanishing isn't going to affect too many shoppers who have options elsewhere, but for the staff, it is a very different proposition, with 11,000 hit hard, and 22,000 pensions on the line.

The whole thing kicked off a parliamentary inquiry, and Philip Green could be looking at a criminal investigation, should a probe find anything untoward. Green sold BHS for £1 to Dominic Chappell, and has been accused of taking huge sums of money out of BHS, as well as being accused of not sorting out the £571 million deficit in the company's pension fund.

One MP has asked the Serious Fraud Office to launch a formal investigation into Chappell and Green, to see if there is any foul play.

With that, Sky News have reported that someone close to Philip Green has said that the business tycoon is willing to make a 'voluntary' contribution to the pension deficit, provided the regulators drop their investigation.

Whether watchdogs will be allowed to make such a promise to Green is another matter entirely.

Someone who has been described as an 'ally' of Green says: "This would be a voluntary contribution, and it would be unrealistic to expect it to be made unless the anti-avoidance probe was discontinued."

Green is on record, saying that he will 'sort' the deficit, although collectively, we've seen little in the way of progress on the matter.

However, talks between Green and the Pensions Regulator continue. A spokesperson for The Pensions Regulator said: "Our focus is on achieving the best possible outcome for members of the BHS pension scheme and PPF levy payers."

"Our discussions with Sir Philip Green and his advisers are ongoing."

TOPICS:   High Street News

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