I wish I had never bought BHS, Chappell tells court

ENTREPRENEUR Dominic Chappell has lambasted former BHS owner Sir Philip Green after being hauled before the courts and handed a fine and costs of almost £125,000.

Chappell, 52, was fined £50,000 with £73,900 costs after his appeal for failing to hand over vital documents to the pensions watchdog was rejected.

But Chappell said that unlike Sir Philip, from whom he bought BHS, he was not a billionaire who could wave his chequebook at the problem.

He told the judge at Hove Crown Court: “In 2015 when I bought BHS I relied heavily on the undertakings of Philip Green, a knight of the realm, a billionaire and a high-street guru.”

Chappell said he had also relied on an audit of the company by Green’s accountants PWC, adding: “I’m the victim of circumstances that came out of British Home Stores. I wish to God we had never got involved in it.”

Chappell, who had no retail experience, bought BHS from Sir Philip for £1 in March 2015. The 88-year-old company crashed just 13 months later in April 2016 with the loss of 11,000 jobs and 164 stores, leaving a pensions black hole of more than £500m.

The regulator moved to protect the pensions of 19,000 members, making three Section 72 requests for documents relating to the pension scheme from Chappell. It later agreed a deal with Sir Philip that he should pay £363m towards the pension deficit.

When Chappell failed to comply he was charged with three counts of neglecting or refusing to provide documents contrary to the Pensions Act 2004 and after a trial in January he was found guilty. He took his case to appeal and lost, and yesterday was before the court for resentencing.