Former BHS Owner Promises To Resolve Pensions Mess

Jun 16, 2016 |

BHS Owner Sir Philip Green promised that he would personally see to it that the trouble of BHS’ pensions after its collapse would be resolved this year.

According to the billionaire, his advisers are working on a “resolvable and sortable” solution that would allow 20,000 members their right to their pension scheme as promised by BHS. He said he would give it his “best shot.”

Meanwhile, Mr Green said Sport Direct Founder Mike Ashley is willing to buy BHS and keep the shops afloat until Christmas 2016. Mr Green also wished to put a “few million” to resolve the situation but it was not enough to help remedy the situation.

The Pension Protection Fund is now handling the 20,000 BHS pension scheme members who are likely to receive less pension than promised by the retailer.

Mr Green is under fire for the £400m dividends he took out from the firm during his ownership of  15 years. He was also criticised for his failure to properly manage the pension scheme and for selling the BHS in 2016 to bankrupt racecar driver Dominic Chappell, who has no experience in the field.

“There certainly [was] no intent on my part for anything to be like this. It didn’t need to be like this,” he said.

But he said he was working on a plan for the pension scheme, which was in surplus when he bought BHS but now has a £571m deficit.

“We want to find a solution for the 20,000 pensioners,” he said. “It’s current and in motion.” He took blame for the pensions “mess”, saying: “It’s my fault”.

Posted in: General Consultation

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