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BHS owner sold distribution warehouse to repay £5m loan

Retail Acquisitions boss Dominic Chappell reportedly sold BHS’s main distribution centre in Warwickshire for £15m and used £5m of the proceeds to pay off a loan he had taken out when buying the retailer.

BHS

 

The warehouse was sold last August and £5m was then paid to Retail Acquisitions, Chappell’s consortium, as an inter-company loan, according to The Guardian.

Retail Acquisitions used the money to pay off a loan it had taken out with Allied Commercial Exporters (ACE) on the day it bought BHS. ACE had taken the distribution centre in Atherstone as security for the loan.

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