The boss of BHS’s owner, Retail Acquisitions, Dominic Chappell, has blamed Sir Philip Green for the department store chain’s collapse, as news emerged that Edinburgh Woollen Mill is eyeing the retailer’s stores.
On Monday BHS appointed Philip Duffy and Benjamin Wiles, managing directors of Duff & Phelps, as joint administrators after attempts to find a buyer for the ailing retailer failed.
Chappell, who was paid a salary of £540,000 and owns 90% of Retail Acquisitions, told the Financial Times the business had failed because of the previous management and owner Arcadia.
He told the newspaper: “It’s not right, the way it’s gone. It was in Arcadia’s gift that this business was carried forth.”
Chappell blamed Green for not being able to finalise a £60m loan from finance group Gordon Brothers, according to the report, however BHS chief executive Darren Topp and finance director Aidan Treacy said the loan would not be enough to cover the group’s financial needs.
Meanwhile, Philip Day, the boss of the Edinburgh Woollen Mill and Peacocks chains, is understood to be the frontrunner to snap up a portfolio of BHS stores.
The Daily Telegraph reports that Day may even keep the BHS name going.
Retail Acquisitions bought BHS from Green for £1 in March 2015. The business operates 164 stores and employs around 8,500 staff.
Arcadia has yet to respond to Drapers’ requests for comment.