Former BHS owner Dominic Chappell has appeared in court facing charges of tax fraud and money laundering.

Chappell appeared at the City of London magistrates court yesterday, facing three charges of cheating the public revenue of around £500,000 and two counts of money laundering relating to the alleged purchase of yachts on behalf of his now-bankrupt finance company Swiss Rock, the Press Association reports.

According to the prosecution, the first vessel – called Maverick V – was purchased in 2015 for £182,500. A further £230,000 was allegedly used to buy a second yacht called Maverick VI five months later.

He has also been accused of failing to register Swiss Rock for VAT from the correct date, providing false or misleading information to HM Revenue and Customs and giving false information to accountants. 

The offences allegedly occurred between January 2014 and September 2016.

Chappell is best known for his 2015 £1 purchase of retail chain BHS from Sir Philip Green just over a year before it collapsed with the loss of more than 11,000 jobs.

The ex-BHS owner was granted bail and is scheduled to appear again at Southwark Crown Court on July 16.