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BHS liquidator investigates Green and Chappell property deals

BHS liquidator FRP Advisory is said to conducting a detailed investigation into transactions that took place under Sir Philip Green and Dominic Chappell’s ownership of BHS, including whether the directors breached their duties.

The Guardian cited a source close to the winding-up of BHS, who said FRP Advisory is undertaking a “massive exercise in data collection”.

A series of property deals were investigated by the joint parliamentary committee last summer, including the sale of the Ealing store from BHS to a company run by Sir Philip Green’s stepson, Brett Palos, less than a week before BHS was sold to Chappell. Palos sold it for £3m profit three months later.

Chappell, meanwhile, sold BHS’s main warehouse in Atherstone, Warwickshire, for £15m to a company that has one of his friends, Mahmood Ismailjee, as a director, the Guardian reported.

Green told MPs he was not involved in the Ealing store deal and that the company had valued the property before selling it. Chappell, meanwhile, said he acted properly as a director throughout his time at BHS.

A spokesman for FRP told The Guardian: “We will be continuing our process of making recoveries through liquidation on behalf of all creditors and continuing with our statutory duties.”

 

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