Home Business NewsBusiness Former BHS owner Dominic Chappell to be prosecuted over collapse

Former BHS owner Dominic Chappell to be prosecuted over collapse

22nd Aug 17 12:47 pm

Here’s why

The Pensions Regulator has said it will prosecute former BHS owner Dominic Chappell after the collapse of the retailer.

He is being charged for failing to provide information and documents to the regulator during its investigation into the sale and collapse of BHS.

Chappell’s company Retail Acquisitions, where he was a director and majority shareholder, bought BHS for £1 from billionaire retailer Sir Philip Green in 2015.

The company collapsed a year later leading to 11,000 job losses and a pension deficit of £571m. However, in February of this year Green agreed to pay £363m in cash to the BHS pension scheme after the regulator sent out warning notices to Green and Chappell in November last year stating why it believed they should support the pension scheme.

Chappell will appear at Brighton Magistrates’ Court on 20 Septemberto face three charges of neglecting or refusing to provide information and documents, without a reasonable cause.

Meanwhile, the Insolvency Service, the government department that investigates bankrupt companies and has the power to ban anyone from being a company director in the UK is also investigating Mr Chappell.

In a statement, it said: “The Insolvency Service is aware of the Pension Regulator’s action against Mr Chappell. Our investigation into BHS is ongoing and we will continue to work closely with other interested regulators.”

Leave a Comment


Sign up to our daily news alerts

[ms-form id=1]