Sir Philip Green aims to avoid BHS probe through voluntary sum

Former owner of BHS billionaire Sir Philip Green is said to be prepared to make a 300 million pound voluntary contribution towards the collapsed retailer's 571 million pound pension deficit - if regulators cease their probe.

Sir Green, who was seen holidaying on his million pound yacht in Greece as the last BHS store closed it doors for good this week, previously pledged he would "sort" BHS pension deficit during a parliamentary hearing this June, promising he would work with the Pensions Regulators on a rescue plan. However, since then he has been accused and criticised by numerous MPs and parliamentarians due to the lack of progress.

In addition, the pension gap could be as high as 700 million pounds now following the Bank of England's decision to slash interest rates and print money money which saw the government borrowing costs lowered. An anti-avoidance inquiry had been launched against Sir Green, not long after he sold BHS off to the three time bankrupted Chappell, revealed Lesley Titcomb, the Pensions Regulator chief executive to the Daily Mail.

In particular, the regulator is concerning with the over 400 million pounds in dividends Green withdrew from BHS between 2002 and 2004. The anti-avoidance inquiry is just one of the many probes currently looking into the demise of BHS. Talks between the Pension Regulator and Sir Green are said to still be underway.