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Retail Acquisitions put into liquidation

Dominic Chappell’s Retail Acquisitions has been put into liquidation following a battle with BHS administrator Duff & Phelps.

Duff & Phelps filed a High Court petition to wind up Retail Acquisitions, the former owner of BHS, last October. The administrators were trying to gain control of the firm to analyse the flow of cash from BHS to Chappell and his associates.

However, Retail Acquisitions’ lawyers argued that the company was owed money following the sale of the BHS head office in London, and was therefore not insolvent and should not be wound up.

The High Court hearing was due to conclude last Friday, but was pushed back to this week to give the judge more time to consider the evidence.

Today, a spokeswoman for Duff & Phelps said: “Duff & Phelps, acting on behalf of BHS Group, is satisfied that RAL (Retail Acquisitions Limited) has been put into liquidation. The process of realising the assets of RAL can now commence to the benefit of all the creditors of the BHS companies.”

Drapers has contacted Chappell for a comment.

Retail Acquisitions was incorporated in November 2014 and changed its name from Swiss Rock Ventures in March 2015. That same month it took control of BHS from Arcadia boss Sir Phillip Green. Duff & Phelps were appointed as administrators to BHS in April 2016.

 

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