Sir Philip Green’s family is set to pay £50m into his crumbling fashion group’s pension pot in the next 10 days, as the business secretary called on the watchdog to investigate.
The business secretary Alok Sharma yesterday asked the insolvency watchdog to investigate whether the actions of directors across the Arcadia Group, which owns a number of brands including Topshop, Burton and Miss Selfridge, may have led to issues for the retailer’s pension fund.
The group sank into administration on Monday, potentially leaving a £350m pension black hole for its more than 13,000 staff who now face being forced out of a job before Christmas.
Last year, Tina Green, Sir Philip’s wife and the ultimate owner of Arcadia, pledged to pay an extra £100m into the pension fund over three years, and signed over property worth £210m, in order to get a company voluntary arrangement passed by creditors.
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