- Deal could be struck “within weeks”
- Sir Philip Green reportedly offered “more than £300m”
- Issue could still end up in the courts
Sir Philip Green could strike a deal with the Pensions Regulator by Christmas over the BHS deficit, according to reports.
The Topshop tycoon has reportedly offered more than £300m to fix BHS’s £571m pension black hole. Green initially offered £250m, it was reported yesterday.
However, according to BBC Newsnight, the Pensions Regulator has rejected the offer.
The regulator this week launched enforcement action against Green and BHS’s former owners over the failure to agree a deal.
The Pensions Regulator has sent a 300-page warning notice to Green, his retail group Arcadia, and Dominic Chappell, whose Retail Acquisitions owned the department store when it collapsed in April.
The dispute could still result in a lengthy legal dispute, a source told the BBC.
Last month MPs backed calls for Green to be stripped of his knighthood over his part in the collapse of BHS. However any final decision will come from the the Honours Forfeiture Committee.