Harrods' pension fund sale off
Sunday 28 February 2010
Harrods has been forced to shelve plans to sell off its pension fund. The Knightsbridge department store owned by Mohamed al-Fayed has been in negotiations with Pension Corporation, a buyout firm run by Edmund Truell, about offloading its liabilities to around 1,000 staff and former staff since last November.
The company admitted to bringing forward a review of its £200m fund in order to weigh up the sale of liabilities through either a buy-out or buy-in deal, where certain liabilities are insured rather than sold. But it's believed that Harrods will not sell the fund now. "Pricing in this market is sharp and there was clear blue water between the valuations," said a source. "That's why there's not going to be a deal."
The pension fund was nearly £20m in deficit at the end of January last year, according to the firm's latest set of accounts filed at Companies House.
A Harrods spokeswoman said: "At the moment, we are not selling off our pension fund." Pension Corporation did not respond to calls.
- 1 Kim Jong-un shows off airport designed by architect he likely had executed
- 2 Tunisia hotel attack: Locals form 'human shield' to protect hotel from gunman Seifeddine Rezgui
- 3 Why it matters 26 million people have changed their Facebook profile picture to a rainbow flag
- 4 German ethics council calls for incest between siblings to be legalised by Government
- 5 Fifty Shades of Grey author E.L James's Twitter Q&A didn't go exactly as planned
Michael Douglas regrets 'embarrassing' Catherine Zeta-Jones with oral sex comments
Kim Jong-un shows off airport designed by architect he likely had executed
Tunisia hotel attack: Locals form 'human shield' to protect hotel from gunman Seifeddine Rezgui
Ex-Scientologist Carmen Llwyelyn blasts 'cult' and her treatment after divorce with Jason Lee
Tunisian builder has been hailed a hero after knocking gunman to the ground with roof tiles
The moment a Queen's Guard soldier lost it and drew his gun at annoying tourist
Greece crisis: The wider lesson is that it’s time to abandon this failed experiment in currencies
'I wish the BBC would stop calling it Islamic State' – David Cameron unleashes frustration at broadcaster
David Cameron struck double blow in his hopes to win Britain a new EU deal
Extend Right To Buy to tenants of private landlords, Labour's Jeremy Corbyn says
Pentagon accuses Russia of 'playing with fire' over nuclear threats towards Nato
iJobs Money & Business
£40000 - £60000 per annum: Recruitment Genius: A Compliance Manager is require...
£22500 - £27000 per annum + OTE £45K: SThree: Since our inception in 1986, STh...
Negotiable: Recruitment Genius: This extremely successful and well-established...
Competitive with monthly bonus: Guru Careers: We are seeking an experienced FX...