Former BHS owner Dominic Chappell banned as director
Disgraced businessman bought the chain for £1 a year before it collapsed
Dominic Chappell, who bought BHS from Sir Philip Green for £1 a year before it collapsed with the loss of 11,000 jobs and a huge pension deficit, has been banned from serving as a company director for 10 years.
Chappell, described by Sky News as “the serial bankrupt whose brief ownership of the department store chain has cast him into the annals of corporate villainy,” has been handed the lengthy disqualification by the government's Insolvency Service.
The punishment brings to an end a lengthy investigation into Chappell, who bought BHS in 2015. He was charged in 2017 with failing to provide information and documents the regulator requested as it looked into the sale of BHS.
Chappell lost a 2018 appeal against a conviction for failing to hand over the information to pension regulators. The appeal court judge branded Chappell “evasive”, and said his evidence was not “at all credible”.
His 81 year-old father, Joseph, has also been disqualified for five years. Sources told Sky News that a third director, Colin Sutton, had also been banned for five years, with proceedings against a fourth on-going.
Last year, Sir Philip Green said that selling the high-street stalwart to failed businessman Dominic Chappell for £1 in 2015 was “the worst mistake of my life”, adding: “My family lost millions on BHS.”
The chain’s collapse in 2016 sparked enormous anger against Sir Philip because of the company's huge pension deficit - which stood at £571m. He subsequently reached a deal with The Pensions Regulator to provide up to £363m of funding to BHS's retirement pot.
The Guardian notes that in February the government announced it planned to introduce lengthy jail sentences for executives who recklessly mismanage pension funds.
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