Tina Green to pay 50 million pounds into Arcadia pension fund in coming days

Lady Tina Green, the ultimate owner of Arcadia and wife of its boss Sir Philip Green, has agreed to bring forward the final 50 million pounds promised to the collapsed company’s pensions fund within days.

Last year, Lady Green committed to paying 100 million pounds into the company’s pension scheme in 3 instalments as part of an agreement with The Pensions Regulator. Two instalments of 25 million pounds had already been paid, with the third and final instalment of 50 million pounds due to be paid in September 2021.

But that has now been brought forward and will be paid in the next 7/10 days, Arcadia announced in a statement.

It comes after retail group, whose portfolio includes Topshop, Burton and Dorothy Perkins, collapsed into administration on Monday, putting some 13,000 jobs at risk. The collapse left an estimated pension deficit of 350 million pounds.

Photo credit: FashionUnited