Member Article

Sir Philip Green’s family firm receive £70m following BHS disposal

A company owned by the family of retail entrepreneur Sir Philip Green has received £70m from the sale of 12 properties to the new owners of BHS as part of a deal to offload the loss-making high street chain.

According to The Guardian, the payout follows Green’s £1 disposal of BHS to Retail Acquisitions, a small group of investors led by former bankrupt and racing driver Dominic Chappell.

It is still unclear how much of the proceeds from the property sale were required to pay down debt as Carmen Properties, the property-holding vehicle for the BHS stores owned by the Greens, is based in the offshore tax haven of Jersey.

Even as the retailer slipped into heavy losses, the Green family received an annual rental income from BHS of about £11m a year.

The entrepreneur’s family has also agreed to pay £15m into BHS’s pension fund over the next three years to help repair the £10m deficit. Together Retail Acquisitions and the Greens will pay in £10m this year.

This was posted in Bdaily's Members' News section by Ellen Forster .