Dominic Chappell has threatened to sue Sir Philip Green for £14m in relation to the sale of BHS’s London headquarters.
The former BHS owner, who pocketed the department store for a nominal £1 one year before it collapsed, said the Arcadia tycoon did not stick to his word.
He claims Green agreed to share the proceeds from the sale of Marylebone House, but failed to do so as the property was transferred within the Green family’s investments rather than sold to a third party.
But the thrice-bankrupt former racing driver is unlikely to garner much sympathy as, since BHS slumped into administration, Chappell attempted to shirk all responsibility during a parliamentary hearing and was reportedly arrested over HMRC allegations.
Meanwhile billionaire tycoon Green – who was accused by MP Frank Field of bleeding the retailer dry and was described as “the unacceptable face of capitalism” – is yet to stump up the cash to cover the BHS £571m pension deficit.
In the meantime, discount chains such as The Range, Aldi and TK Maxx are jumping into the empty BHS shells on the high street that Chappell and Green left behind.
Quote of the day
”What powers AO now, and turns those cogs, is our culture of caring more and wanting to do it better. That’s what makes the difference. That’s the AO way, and that’s will make us the best electricals retailer in Europe.”
– New AO.com chief executive Steve Caunce in an interview with Retail Week in Germany.
Today in numbers
The year by which AO.com hopes to be profitable in Europe
The number of former BHS stores TJ Hughes is reportedly hoping to occupy
Next week’s agenda
Look out for trading updates from McColl’s and Primark on Monday.
Emily Hardy, reporter