Sir Philip Green is trying to end the threat of legal action against him over the sale of BHS by writing a cheque for more than £300 million that would help to plug a hole in the company’s pension fund.

Representatives of the tycoon and the pensions regulator are holding talks on the future of the BHS fund, which is estimated to have a deficit of about £700 million.

Yesterday the 22 remaining BHS stores shut their doors, leaving 11,000 people out of work and the retailer’s 20,000 pension fund members with an uncertain future.

Sir Philip has faced questions…