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BHS creditors receive £36m payout

Unsecured creditors for the former high street department store BHS have received a £36m payout, following the collapse of the chain almost two years ago.

Liquidators FRP Advisory have now paid out the sum to creditors, according to a report compiled by the firm.

The creditors had lodged claims worth almost £1bn, following the chain’s collapse in April 2016.

The payment, took the form of an interim dividend of 3.62p in the pound and was paid out at the end of November 2017. Initial estimates in July 2016 suggested creditors would expect to receive between 2p and 8p in the pound following liquidation. 

This payment was brought forward and largely funded by an agreement last summer which saw the Arcadia Group release a £35m floating charge owed by BHS to the parent company. Sir Philip Green’s company had owned BHS before selling it to Dominic Chappell for £1 in 2015.

The report also noted that investigations surrounding the circumstances of BHS’s collapse are ongoing, with several matters under investigation from other authorities – including the Insolvency Service and the Financial Reporting Council.

The liquidators at FRP Advisory declined to comment on the reports. 

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