May 5, 2017
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Former BHS owner Retail Acquisitions on the brink of liquidation

May 5, 2017

Retail Acquisitions, the company fronted by Dominic Chappell which bought BHS for £1 in 2015, has been placed into liquidation. The process will help administrators get access to complete financial records, potentially providing more clarity on the collapse of the British retailer.

Dominic Chappell used Retail Acquisitions to buy BHS from billionaire Sir Philip Green in 2015

BHS collapsed last year leading to the loss of 11,000 jobs and prompting a high-profile parliamentary investigation into its demise. Dominic Chappell and his company were accused of extracting an estimated £17m from BHS before overseeing its collapse.

A court heard insolvency proceedings for RA on Wednesday and ruled the company should be put into liquidation, however the judgement has been temporarily stayed. It is understood that Chappell will consider an appeal to keep the company out of liquidation.

The insolvency will give BHS administrators Duff & Phelps access to Retail Acquisitions’ financial records and the new information will be submitted to the Insolvency Service. This could help shed more light into the collapse of BHS and the conduct of its former directors.

Dominic Chappell said he was disappointed by the outcome of the hearing and said he will take advice to decide next steps.

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