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Published
Jan 29, 2018
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BHS creditors owed £1bn, get £36m back

Published
Jan 29, 2018

Unsecured BHS creditors, who were owed almost £1bn following the collapse of the British department store in 2016, have received a £36m interim payout, according to reports.



FRP Advisory, the company overseeing the winding down of BHS, announced a 3.62p dividend in a letter sent to creditors late last week, Sky News reported.

When BHS collapsed into administration in April 2016, more than 11,000 workers lost their jobs. The failed retailer had been acquired by Dominic Chappell from Sir Philip Green for £1 a year before.

A large part of the interim dividend has been funded by an agreement reached last summer which saw Green’s Arcadia Group release a £35m floating charge claim linked to BHS.

Sir Philip Green has also previously paid a £363m in cash to rescue the BHS pension scheme.

The report from FRP Advisory reveals that investigations into the circumstances surrounding the company’s demise are still ongoing, however it fails to disclose more information as details are of "sensitive and largely privileged nature".

Several matters are currently under investigation from other authorities, including the Insolvency Service and the Financial Reporting Council.

BHS’ last owner Dominic Chappell is due to be sentenced next month after he was found guilty of refusing to provide vital information to The Pensions Regulator earlier this month.

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