Sir Philip Green locked in battle with BHS administrator over fate of £35m charge
Sir Philip Green is at odds with one of BHS' administrators over a charge worth millions that his Arcadia Group holds over the collapsed retail chain.
BHS fell into administration this April, running a pension deficit worth £571m at the time, and it was later decided the company could not be saved and would need to be wound down. The retailer had been sold for £1 little more than a year earlier.
Now, the Sunday Times has reported that FRP Advisory, one of the retailer's administrators, is looking into whether a £35m charge can be distributed among other creditors of the company, including the pension schemes.
The administrator is reported to be arguing that Green's right to the millions should be forfeited because he is a connected party to BHS and the charge was in place for less than two years.
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Last week, the Pensions Regulator kicked off legal action against the retail tycoon to seek redress for the 20,000 BHS pensioners. Green has previously been reported to be looking into ways to top up the pension funds.
The fall of BHS has pushed Green into the spotlight for all the wrong reasons. Last month, MPs voted the businessman should be stripped of his knighthood, although the final decision will need to be taken by the Honours Foreiture Committee.
FRP Advisory declined to comment. A representative for Green has not responded to City PM's request for comment at time of writing.