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Former BHS owner Dominic Chappell preparing bid for retailer | Former BHS owner Dominic Chappell preparing bid for retailer |
(about 2 hours later) | |
The former BHS owner, Dominic Chappell, says he is preparing a bid to buy BHS out of administration. | The former BHS owner, Dominic Chappell, says he is preparing a bid to buy BHS out of administration. |
He told the BBC the administrators had been informed and talks with US based investors were at a "mature" stage. | He told the BBC the administrators had been informed and talks with US based investors were at a "mature" stage. |
However, a senior retail source also informed the BBC they were "extremely sceptical" about the move, given Mr Chappell's recent track record. | However, a senior retail source also informed the BBC they were "extremely sceptical" about the move, given Mr Chappell's recent track record. |
BHS went into administration on Monday, putting 11,000 jobs at risk. | 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. |
Mr Chappell said he was interested in buying the whole group minus 40 loss-making stores, now that the pension fund is to be taken over by the Pension Protection Fund (PPF). | Mr Chappell said he was interested in buying the whole group minus 40 loss-making stores, now that the pension fund is to be taken over by the Pension Protection Fund (PPF). |
"Our hands have been untied now that the pension situation has been resolved," he told the BBC. | "Our hands have been untied now that the pension situation has been resolved," he told the BBC. |
Is Dominic Chappell's BHS bid serious? | |
BHS: Where has all the money gone? | BHS: Where has all the money gone? |
Sir Philip Green: From 'King of the High Street' to 'Unacceptable Face of Capitalism' | Sir Philip Green: From 'King of the High Street' to 'Unacceptable Face of Capitalism' |
'What we'll miss if BHS closes' | '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. |
'Trade as usual' | 'Trade as usual' |
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 PPF, which will now have to take over the BHS pension liabilities. | 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 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. | 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. |
The pensions regulator is also investigating whether BHS's previous owners sought to avoid their obligations. | The pensions regulator is also investigating whether BHS's previous owners sought to avoid their obligations. |
The shops continue to operate as normal and on Tuesday reported their strongest day of trading since the business was acquired by Retail Acquisitions. Trading was up 80% compared to the same day last year. | The shops continue to operate as normal and on Tuesday reported their strongest day of trading since the business was acquired by Retail Acquisitions. Trading was up 80% compared to the same day last year. |
Restructuring firm Duff & Phelps, who have been appointed joint administrators, said in a statement: "The group will continue to trade as usual whilst the administrators seek to sell it as a going concern." | Restructuring firm Duff & Phelps, who have been appointed joint administrators, said in a statement: "The group will continue to trade as usual whilst the administrators seek to sell it as a going concern." |