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Sir Philip Green to pay millions to BHS pension fund

Credit: PA

Former BHS owner Sir Philip Green has agreed to pay £363 million to help rescue the BHS pension scheme.

He said that the amount, which is less than the £571 million deficit the company was left with when it went bankrupt last year, represents a "significantly better" outcome than the schemes in the Pension Protection Fund (PPF).

The collapse of the high-street giant last April left thousands without jobs across the Midlands with calls for Green to be stripped of his Knighthood.

Sir Philip said that the settlement brings "this matter to a conclusion" and apologised to affected pensioners, in a statement he said:

"Once again I would like to apologise to the BHS pensioners for this last year of uncertainty, which was clearly never the intention when the business was sold in March 2015. I am also happy to confirm that any of the pensioners that have faced cuts over the last year will now be brought back to their original BHS starting level pension and will all be made whole. I hope that this solution puts their minds at rest and closes this sorry chapter for them."

– Sir Phillip Green.

Read more on how the closure of BHS affected employees across the Midlands: Final Midlands BHS stores close signalling end of an era