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Timeline: BHS from the £1 sale to liquidation

BHS has had a tumultuous time since its sale to Retail Acquisitions in March 2015. Here is a summary of the key events.

February 23 2015

BHS managing director Richard Price leaves the business to join Tesco’s clothing arm F&F as chief executive.

March 11 2015

BHS head of buying for womenswear Melanie Buckingham leaves the business for value chain M&Co.

March 12 2015

Sir Philip Green transfers control of BHS Group to Retail Acquisitions

Former Thomas Cook chief executive Harriet Green turns down approach to become chairman of BHS

Who are the key people behind Retail Acquisitions? Drapers takes a look.

Retail Acquisitions announces plans to retain the existing management of BHS and appoint a “retail heavyweight” as chairman to manage the business and extend its scope in terms of new concessions, online and international expansion.

March 16 2015

Green demands assurances from Retail Acquisitions that cash raised from the sale of any of BHS’s assets will be reinvested into the business.

March 17 2015

Darren Topp is named BHS interim chief executive with immediate effect, replacing Richard Price.

The new owners of BHS appoint property consultants to review the store portfolio and its structure, potentially signalling the closure of stores.

March 23 2015

Retail Acquisitions enters talks with trustees of the BHS pension scheme over how to plug the deficit in the pension plan.

March 30 2015

Green’s family-owned property holding company Carmen Properties sells 12 BHS properties to Retail Acquisitions in a deal worth £70m.

April 7 2015

Around 15 people are made redundant at BHS following a consultation period started before Retail Acquisitions took control.

It emerges that BHS’s pension scheme deficit was £207m in 2014

April 27 2015

Topp unveils plans to turn around the troubled department store chain by expanding its food offer, while fashion suppliers are left in the dark over its credit cover woes.

April 29 2015

The BHS turnaround could be hampered, as suppliers have reportedly had their credit terms tightened by credit insurance firms following the chain’s takeover by Retail Acquisitions.

May 6 2015

BHS appoints Dominic Chandler as a director of its various companies, comprising BHS Group, BHS Properties, BHS Limited and BHS Services.

June 5 2015

Reports emerge Retail Acquisitions could face a £160m hole in the company’s pension scheme

June 18 2015

BHS hires estate agents Harper Dennis Hobbs and Jackson Criss to look at options for the future of its Oxford Street store

July 28 2015

BHS starts consultations with almost 120 employees at two of its stores in Southampton and Carlisle as it continues to review its property portfolio.

August 24 2015

Retail Acquisitions in talks to raise £70m in funding for the struggling department store, just months after acquiring it from Green.

August 28 2015

BHS unveils new logo that spells out British Home Stores, as it continues talks to secure additional debt facilities to fund its turnaround plan.

September 9 2015

BHS secures loan from London-based investment group Grovepoint against a small number of its stores.

September 17 2015

Topp says store revamp debuted at its Watford branch is designed to make the shopping experience “as easy as possible” for customers.

September 21 2015

BHS reveals it will launch concessions with young fashion womenswear retailer Quiz and denim brand Ruby London as part of its turnaround plan.

November 2 2015

BHS appoints property agency Cushman & Wakefield to examine options for the Oxford Street store.

November 16 2015

Reports emerge BHS is near securing deal to sublet its Oxford Street flagship to two other retailers, in a deal worth tens of millions of pounds.

December 17 2015

BHS is among the retailers slashing prices in a bid to attract last-minute Christmas shoppers, as trading struggles in the face of unseasonably mild weather conditions.

Retail Acquisitions names restructuring specialist Aidan Treacy as its new chief financial officer

January 15 2016

Reports circulate BHS has agreed to lease part of its Oxford Street flagship to Polish retailer LPP for its young fashion chain Reserved.

March 4 2016

BHS announces plans to axe around a third of its head office jobs and consolidate store management roles.

March 7 2016

Green reportedly offers £80m to help plug the struggling chain’s pension deficit.

Drapers reveals the list of 40 loss-making BHS stores pegged for closure if the retailer fails in its aim of negotiating a 75% reduction in their rents with landlords.

BHS’s unsecured creditors could receive just 1.23p in the pound if its CVA fails, according to new documents published by KPMG.

March 14 2016 

Green could be asked to pay £280m to bridge the gap in BHS’s pension deficit, three times the amount he has offered to pay so far.

March 21 2016

BHS’s biggest creditor says it will abstain from CVA vote.

March 23 2016

More than 95% of creditors to BHS Limited approved its CVA proposals. 

Second BHS CVA approval goes through.

April 1 2016

BHS sells the lease for its Oxford Street flagship to Oxford & City Holdings for around £55m.

April 18 2016

Michael Hitchcock is set to leave his role as financial adviser to BHS.

April 25 2016

BHS appoints Duff & Phelps as administrators.

The Pensions Regulator confirms it is investigating the BHS pension scheme.

April 27 2016

MPs invite Sir Phillip Green to Parliament to ask questions about BHS collapse.

April 29 2016

Property tycoon interested in ‘rescuing’ BHS.

May 3 2016

Sports Direct boss Mike Ashley vows to save BHS and protect stores and staff.

The government fast-tracks investigation into the circumstances surrounding BHS collapse.

May 4 2016

Sir Philip Green agrees to give evidence on BHS sale to Retail Acquisitions. 

May 10 2016

BHS launches a last-ditch guerrilla campaign in an attempt to secure its future #SaveBHS.

May 11 2016

BHS administrators receive five bids for the bulk of the business.

City firms share £2.4m ’success fee’ for advising on the purchase of BHS.

May 16 2016

Administrators tell buyers to improve bids to be in with a chance.

May 17 2016 

Matalan founder teams up with Select Fashions owner on a rescue bid.

BHS chief executive Darren Topp set to give evidence into pension inquiry.

May 18 2016

Full list of those invited to give evidence to select committees hearings revealed.

May 19 2016

Sports Direct owner Mike Ashley is outbid by rivals.

May 20 2016

Matalan founder John Hargreaves leads the race with Select Fashions owner Cafer Mahiroglu.

May 23 2016

A wealthy foreign family bids to buy stricken retailer BHS.

May 25 2016

Ex-Burton and Mothercare managing director, Greg Tufnell, makes last minute bid.

BHS suppliers CUK Clothing and Courtaulds Brands collapse into administration, resulting in the loss of 350 jobs.

May 27 2016

Group led by Greg Tufnell closes in on a deal to rescue BHS.

June 2 2016

Rescue bid for BHS falls at the final hurdle, as administrators Duff & Phelps fail to secure a buyer.

Restructuring specialist Hilco has been appointed as BHS’s liquidator.

BHS chief executive Darren Topp says: ‘We were left too weak to survive’.

 

 

 

 

 

 

 

 

 

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