#AceNewsReport – Feb.28: The regulator, which formally launched legal action against Green to plug a hole in two #BHS pension funds in November, said the deal had the support of the trustees of the schemes which have 19,000 members.
“I hope that this solution puts their minds at rest and closes this sorry chapter for them,” Green said in a statement.
Green owned BHS for 15 years before he sold the loss-making 180-store chain to Dominic Chappell, a serial bankrupt with no retail experience, for one pound in 2015.
BHS went into administration in April 2016 and the last of its stores closed in August. Some 11,000 jobs were lost.
“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,” Green said.
Green will provide funding for a new independent pension scheme…
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