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UK pension regulator to prosecute former BHS owner Chappell
August 22, 2017 / 10:36 AM / 3 months ago

UK pension regulator to prosecute former BHS owner Chappell

LONDON (Reuters) - Britain’s Pensions Regulator is to prosecute Dominic Chappell for failing to provide information and documents requested during an investigation into the sale of department store chain BHS to him by retail tycoon Philip Green, it said on Tuesday.

File photograph shows Dominic Chappell, the former bankrupt who bought retail chain British Home Stores in 2015 giving evidence to the business, skills and innovation parliamentary select committee about the collapse of BHS, in Westminster, London, Britain June 8, 2016. Parliament TV/Handout via REUTERS/Files

Green sold the loss-making 180-store chain to Chappell’s Retail Acquisitions Ltd vehicle for 1 pound ($1.28) in 2015.

Chappell was a serial bankrupt with no retail experience.

BHS fell into administration in 2016 with a pension deficit of 571 million pounds - the biggest collapse in the British retail industry since Woolworths in 2008. Some 11,000 jobs were lost.

The Pensions Regulator (TPR) said it was prosecuting Chappell for failing to comply with three notices it issued.

He has been summonsed to appear at Brighton Magistrates’ Court, southern England, on Sept. 20 to face three charges of neglecting or refusing to provide information and documents, without a reasonable excuse, when required to do so under section 72 of the Pensions Act 2004.

Chappell could not be immediately reached for comment.

In February, Green helped to plug the BHS pension hole in a 363 million pounds settlement deal with TPR.

Reporting by James Davey; Editing by Mark Potter

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