Philip Green’s retail rescue plan at risk over pension scheme

Philip Green, chairman of the UK’s Arcadia Group, has received the support of pension regulators for his plan to rescue his beleaguered retailer after agreeing to inject an additional 25 million into the retailer’s pension fund, on top of previous commitments of 360 million.

When Green took over the business in 2000, the scheme had a healthy surplus of 43m on an actuarial basis.. Sir Philip Green holds up his chequebook when telling MPs about failed attempts to sell BHS | Credit: UK Parliament.. The name refers to the section of the Pension Schemes Act 1993.

Fresh doubts over whether Sir Philip Green’s fashion group can win a crunch restructuring vote today have emerged, as one of Britain’s largest retail landlords looks set to vote against the.

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Thomas Cook Group is locked in a stand-off with its pension scheme trustees ahead of a crucial week that could determine the fate of a £900m rescue deal. Sky News has learnt that the trustees demanded at a meeting earlier this week that they receive sweetened terms in exchange for backing the recapitalisation of the world’s oldest tour operator.

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Sir Philip Green has pledged another £25m to Arcadia’s pension scheme in an eleventh. as part of a wider plan to cut the company’s cost base. Under Arcadia’s proposals, nearly 50 stores will close.

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Sir Philip Green has launched a rescue plan for his Topshop and Burton empire which will see 23 stores shut and reduced contributions to the pension scheme. The restructuring proposals for the group – whose brands also include Dorothy Perkins, Evans and Wallis – will see 520 jobs at risk and rents slashed at 194 other sites in the UK and.

Philip Green’s Arcadia sweetens rescue plan to get landlords backing. cut rents and make changes to the funding of the group’s pension schemes, was adjourned until June 12 after several.

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