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Michael Hitchcock to depart BHS

Michael Hitchcock is set to leave his role as financial adviser to BHS on Thursday, when the deadline for objections to its company voluntary arrangement (CVA) closes, it has been revealed.

BHS

BHS

BHS is sold by Sir Philip Green’s Arcadia for £1 to Retail Aquisitions

Hitchcock, the former chief executive of Beales, has been working with BHS since August last year to help turnaround the business. The CVA, which gained creditor approval last month, allows the business to slash rents on more than half of its 164 stores.

The proposals, submitted to the High Court on March 3, asked landlords of 40 loss-making stores to cut rents by 75%, as well as a 20% or 50% reduction on a further 47 units.

BHS said Hitchcock, who was on an interim contract, had played “a key role” in the procedure and will leave when the CVA process completes”.

Beales, Hitchcock’s former employer, also filed for a CVA shortly after BHS and gained creditor approval a day later than BHS, allowing it to cut rent bills on 11 of its 29 stores.

He left Beales amid a power struggle last year, which culminated in property magnate Andrew Perloff, owner of property investment firm Panther Securities, winning control of the business. Perloff made an offer through his investment vehicle, English Rose, in January 2015 that valued Beales at £1.2m.

 

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