BBB declared insolvent to save pensions - papers 22nd March

According to the paper, the 166-year-old Pittards, is taking out a company voluntary arrangement (CVA) to keep the business trading and guarantee 240 jobs. By filing for a CVA, the pension scheme with its £32.9m deficit can be handed over to the state-backed Pension Protection Fund - which will pay the 2,000 members "90% of what they were entitled to", a PPF spokesman confirmed. In return, Pittards will pay the PPF an upfront sum of £1.6m, a further £2m-£3m over the next five years and give it an 18% equity stake in the company. A different approach to a similar problem was taken by t...