2 Nov 2016: Sir Philip Green sent warning notice
In the latest development of the BHS pension scheme story, TPR has now begun enforcement action by issuing Warning Notices to Sir Philip Green, his investment companies, Dominic Chappell and Mr Chappell's company, Retail Acquisitions Ltd which acquired BHS.

Chief Executive Lesley Titcomb said: “We have been clear in our public commitment to make significant progress by the end of 2016 and the issue of these notices meets that commitment."

Each notice runs to over 300 pages and it has been reported that Sir Philip has offered £250m whereas the Regulator wants £350m in redress.

Further details of the BHS case can be found here.

Argyll comment:  TPR first opened its investigation into BHS in 2015, and despite assurances from Sir Philip that the pension deficit would be addressed, TPR appears to have lost patience.  Given the sums involved it is doubtful this will be resolved quickly.  MPs are also putting pressure on Sir Philip and last month backed a call to strip Sir Philip of his knighthood.  The vote is not binding however.

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