Sir Philip Green plugs another pensions hole at Arcadia

 
Alys Key
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Topshop Unique - Backstage - LFW February 2017
TopShop parent Arcadia has a pensions deficit of around £200m (Source: Getty)

Sir Philip Green has finalised plans to tackle yet another pension scheme deficit, this time at his own retail giant Arcadia.

Arcadia will double its payments to the company's pensions scheme from £25m a year to £50m, helping to cover a near £200m deficit.

The agreement comes just days after the billionaire settled a dispute over the pensions scheme at BHS, which he formerly owned. Green struck a deal with the Pensions Regulator last week, pledging up to £363m towards the estimated £571m hole.

Yesterday Green confirmed that Arcadia had signed a deal with trustees to bolster its own pensions scheme.

The Arcadia group is the parent company of multiple High Street brands including TopShop, Dorothy Perkins, Wallis, and Burton. It employs 45,000 people, at least 11,000 of whom are members of the pension scheme.

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