Property investors helped Dominic Chappell seal his £1 takeover of BHS last year then bought one of the department store chain’s buildings at a knockdown price, it has been revealed.
Guy and Alex Dellal, through a holding company called Allied Commercial Exporters (ACE), placed a £35m deposit in an escrow account controlled by Chappell’s legal adviser Olswang in February last year, just a month before the BHS deal closed, The Sunday Times has reported.
Sir Philip Green’s advisers told a parliamentary committee last week that this money helped to persuade them of Chappell’s credibility.
The money was put towards the £32m purchase of North West House, one of BHS’s two main offices on Marylebone Road in London, when the deal closed and ACE sold the building on for a £6.5m profit two months later, it said.
Frank Field MP, chair of the work and pensions committee, said he is intending to ask the Dellals what role they played in Chappell’s acquisition of BHS.