Sir Philip Green has paid £363 million to settle the pension schemes of collapsed retailer BHS.
The billionaire tycoon said the amount, significantly less than the £571 million deficit the firm was left with when it went bust in April last year, represents a “significantly better” outcome than the schemes entering the Pension Protection Fund (PPF).
The collapse of the high-street giant left thousands out of work and the deficit in its pension scheme affected approximately 22,000 holders.
News of the settlement comes after Sir Philip was grilled by MPs over the sale of the chain, which he owned for 15 years before selling it for £1 to former bankrupt Dominic Chappell.
Sir Philip said: “I have today made a voluntary contribution of up to £363 million to enable the trustees of the BHS pension schemes to achieve a significantly better outcome than the schemes entering the Pension Protection Fund, which was the goal from the outset.
“The settlement follows lengthy, complex discussions with the Pensions Regulator and the PPF, both of which are satisfied with the solution that has been offered.
“To achieve a significantly better outcome than entering the PPF, the contribution required to achieve this long-term solution was arrived at by the actuaries for both The Regulator and the Trustees.”
BHS shut its flagship stores in Preston and Blackpool among others, throwing dozens out of work.