UK's Philip Green pledges more cash to Arcadia's pension scheme

The retail billionaire has been forced to close 23 stores amid a restructure

Philip Green is the focus of allegations of sexual harassment and racial abuse and his Arcadia group is in trouble. AP
Philip Green is the focus of allegations of sexual harassment and racial abuse and his Arcadia group is in trouble. AP

British retail businessman Sir Philip Green has agreed to pledge another £25 million (Dh117m) to Arcadia Group's pension scheme.

The latest funding, in the form of security over Arcadia property assets, was part of a bid to secure The Pensions Regulator's backing for the restructuring of Mr Green's Top Shop empire, Sky News reported.

The total amount injected to Arcadia's‎ pension fund during the next three years would increase to £385m from £360m.

Last month, Mr Green's wife Tina Green, who is the formal owner of the group, offered to bridge the pension scheme's shortfall with £25m a year for the next three years, plus another £25m contribution, for a total payment into the scheme of £100 million.

Arcadia, which runs fashion retailers such as Dorothy Perkins, Miss Selfridge and Evans, had said it would close 23 of its 566 stores in Britain and Ireland.

The group did not immediately respond to a request for comment.

Mr Green is also facing accusations of sexism and racism.

Updated: June 5, 2019 12:03 AM

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