BHS liquidators may seek to force advisers who helped Dominic Chappell to buy the retailer to pay back fees totalling more than £8m.
Law firm Olswang was paid £3.7m and Grant Thornton earned £4.4m in relation to the deal, the Daily Mail has reported. The paper said the retailer’s liquidators are now considering whether to recoup some of the fees to help plug the gap in the BHS pension fund.
A spokesman for FRP Advisory told the newspaper it was “continuing [its] process of making recoveries through liquidation on behalf of all creditors and continuing with [its] statutory duties”.
An Olswang spokesman told the Mail it was “unaware of any such claim made by administrators”, while Grant Thornton declined to comment.
Meanwhile, Paul Sutton, the middle man who helped Chappell buy BHS, was reported by the Sunday Times yesterday to have received three payments from a company called Capital Management between October last year and February this year.
Capital Management was set up a month before Chappell’s Retail Acquisitions consortium took over BHS, said the paper. Its signatory is Chappell’s father and its only director is a Chappell family friend, it reported.