Arcadia, which owned BHS until it was sold to Dominic Chappell-led consortium, reaches deal with store’s liquidatorsSir Philip Green’s Arcadia retail empire has agreed to pay £30m to unsecured creditors of BHS following the collapse of the department store chain with the loss of 11,000 jobs. Green avoided another legal battle with the pension regulator by agreeing to pay £363m to rescue the BHS pension scheme. Chappell is to be prosecuted by the pensions watchdog for failing to provide information for an investigation into its sale. Chappell headed Retail Acquisitions, the company that acquired BHS. Failure to provide such information without a reasonable excuse is a criminal offence that can result in a fine.

Source: The Guardian August 25, 2017 12:56 UTC