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BHS: Dominic Chappell fights to keep Retail Acquisitions

Former BHS owner Dominic Chappell has submitted evidence in the hope of preventing an attempt to put his company Retail Acquisitions into administration.

Dominic Chappell

Dominic Chappell

Dominic Chappell

BHS administrator Duff & Phelps has filed a High Court petition to wind up Retail Acquisitions. It is understood it wants to take control of the firm so it can analyse the flow of cash from BHS to Chappell and his associates.

Retail Acquisitions is the investment vehicle Chappell used to buy BHS from Sir Philip Green for £1 in 2015. It is understood to have borrowed £8.4m from BHS, although Chappell claims £2.4m of that has been paid back.

The date for Chappell to lodge evidence was pushed back to 18 November, following a request by his lawyers. It was previously 14 November.

Chappell met the deadline, and said the evidence submitted “strongly denied any callable debts [from Retail Acquisitions]”. The two parties are now awaiting a date for a court hearing.

BHS collapsed into administration with a £571m pension deficit in April, just over a year after Chappell bought it from Green.

Earlier this month, Chappell was reportedly arrested for failing to pay £500,000 in tax on money he took from BHS before it collapsed.

Yesterday, it emerged that BHS’s biggest creditor, the Pension Protection Fund (PPF), is seeking legal action against the retailer’s former directors, including Chappell. The PPF has asked Duff & Phelps to put BHS into liquidation by the end of this month.

Readers' comments (1)

  • Why not put all this money that will be wasted achieving nothing into the BHS pension pot?

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