"The former ultimate owner of discount retail chain Wilko does not expect to have to help plug the high street chain’s estimated £70.2mn pension hole following its collapse a year ago.
Amalgamated Holdings Wilkinson Limited, the ultimate parent of Wilko that is owned by the founding family, said in new documents that its directors, including former chair Lisa Wilkinson, “do not believe there is a liability for AHWL in respect to any [pension] deficit arising” after they sought legal advice. The statement comes after the UK discount retailer fell into administration last August, making it one of biggest retail casualties in recent years with more than 10,000 job losses.
The UK pensions regulator has been considering taking action against Wilko after it went bust with an estimated £70.2mn pension shortfall, having paid millions of pounds in dividends to Wilko’s founding family over the years. It has the power to pursue owners to plug pension gaps if their actions are deemed to have put pension holders’ savings at risk. It is unclear what the final financial position of the scheme will be."
It will be a poor show if the owners are found to have syphoned out millions for themselves lesving the pensioners marooned.
We've seen such actions before.
Amalgamated Holdings Wilkinson Limited, the ultimate parent of Wilko that is owned by the founding family, said in new documents that its directors, including former chair Lisa Wilkinson, “do not believe there is a liability for AHWL in respect to any [pension] deficit arising” after they sought legal advice. The statement comes after the UK discount retailer fell into administration last August, making it one of biggest retail casualties in recent years with more than 10,000 job losses.
The UK pensions regulator has been considering taking action against Wilko after it went bust with an estimated £70.2mn pension shortfall, having paid millions of pounds in dividends to Wilko’s founding family over the years. It has the power to pursue owners to plug pension gaps if their actions are deemed to have put pension holders’ savings at risk. It is unclear what the final financial position of the scheme will be."
It will be a poor show if the owners are found to have syphoned out millions for themselves lesving the pensioners marooned.
We've seen such actions before.
