BHS pension deal could be reached ‘within weeks’

Sir Philip Green and pension regulators could reach a deal over the BHS scheme within weeks, according to the BBC. The former owner of BHS has offered more than £300m as part of a deal to restructure the collapsed retailer’s indebted pension scheme, Newsnight reported.

The Pensions Regulator has so far rejected his offer and it emerged yesterday that the regulator wants about £350m  from Sir Philip, but one offer was for about £250m.

The regulator launched enforcement action against Sir Philip and other former owners of BHS on Wednesday after failing to agree a deal over the pension scheme, which was left with a near-£600m deficit when the retailer collapsed earlier this year.

It has sent warning notices to Sir Philip, his retail group, and Dominic Chappell – who was the owner when the department store chain collapsed.