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Former BHS owner Dominic Chappell preparing bid for retailer Former BHS owner Dominic Chappell preparing bid for retailer
(35 minutes later)
The former BHS owner, Dominic Chappell, is preparing a bid to buy BHS out of administration.The former BHS owner, Dominic Chappell, is preparing a bid to buy BHS out of administration.
The administrators have been informed and talks with US based investors are at a "mature" stage, he told the BBC.The administrators have been informed and talks with US based investors are at a "mature" stage, he told the BBC.
Mr Chappell indicated he was interested in buying the whole group minus 40 loss-making stores.Mr Chappell indicated he was interested in buying the whole group minus 40 loss-making stores.
However, sources close to BHS said the offer had "limited credibility". BHS went into administration on Monday, putting 11,000 jobs at risk.However, sources close to BHS said the offer had "limited credibility". BHS went into administration on Monday, putting 11,000 jobs at risk.
So far the administrators of BHS have received 50 expressions of interest in the company - some for all of it, most for parts of it.So far the administrators of BHS have received 50 expressions of interest in the company - some for all of it, most for parts of it.
BHS: Where has all the money gone?
Sir Philip Green: From 'King of the High Street' to 'Unacceptable Face of Capitalism'
'What we'll miss if BHS closes'
Mr Chappell is the majority shareholder of Retail Acquisitions which bought BHS for £1 last year from Sir Philip Green, and took on a £571m pension deficit.Mr Chappell is the majority shareholder of Retail Acquisitions which bought BHS for £1 last year from Sir Philip Green, and took on a £571m pension deficit.
On Tuesday last week he moved £1.5m to a company called BHS Sweden, unconnected to BHS, which was owned by a friend and fellow board member of Mr Chappell at Retail Acquisitions.On Tuesday last week he moved £1.5m to a company called BHS Sweden, unconnected to BHS, which was owned by a friend and fellow board member of Mr Chappell at Retail Acquisitions.
On learning of this, BHS chief executive Darren Topp demanded its return on Wednesday and on Thursday it was returned minus £50,000 - to reflect, said Mr Chappell, the foreign exchange costs.On learning of this, BHS chief executive Darren Topp demanded its return on Wednesday and on Thursday it was returned minus £50,000 - to reflect, said Mr Chappell, the foreign exchange costs.
Meanwhile, Sir Philip Green has been asked to appear in front of a cross-party committee of MPs to face questions about BHS' collapse and the impact it might have on the Pension Protection Fund (PPF), which will now have to take over the BHS pension liabilities.
One Labour MP John Mann, and member of the Treasury select committee, has said Sir Philip must repay £400m of dividends that were paid out of BHS, or give up his knighthood.