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BHS managers blame Retail Acquisitions for chain’s demise

A group of managers at BHS have written to staff to apologise for the chain’s collapse, blaming it on former owners Retail Acquisitions.

BHS on Oxford Street

BHS on Oxford Street

BHS on Oxford Street

Retail Acquisitions, which is led by former bankrupt Dominic Chappell, bought BHS from Sir Philip Green for £1 in March 2015, but the chain collapsed into administration in April of this year.

In the letter, sent on Tuesday, the BHS managers said Retail Acquisitions had not raised sufficient funds to keep the business going and “did not give confidence” to credit insurers and suppliers, the BBC reports.

The letter was signed by nine managers, not including chief executive Darren Topp.

Chappell will give evidence to MPs about the collapse later this morning.

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