Sir Philip Green and Pensions Regulator close to BHS deal

Retail mogul Sir Philip Green and the Pensions Regulator are on the cusp of reaching a deal over the BHS scheme, according to reports.

The BBC’s Newsnight programme has said that an agreement to rescue the collapsed high-street brand’s pension scheme could be struck by Christmas.

However, sources also told the BBC that Sir Philip may walk away and instead choose to undergo a lengthy legal battle.

The British billionaire offered over £300m as part of a deal to restructure BHS’ indebted pension scheme, but the Pensions Regulator has so far turned down the offer.

On Thursday, the regulator said it wants Sir Philip to pay up about £350m.

The Pensions Regulator brought enforcement action against Sir Philip and other former BHS owners earlier this week (November 2) after failing to reach an agreement over the pension scheme, which was left with a deficit of almost £600m when the retailer collapsed several months ago.

The authority sent warning notices to Sir Philip and his retail group, as well as Dominic Chappell, who owned BHS when it when it collapsed.

In October, MPs backed a call for Sir Philip to be stripped of his knighthood for the part he played in the collapse of the department store chain.

That decision, however, would have to be taken by the Honours Forfeiture Committee.

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