Former BHS owner Dominic Chappell has not enjoyed much good fortune this year.
The ex-racing driver and multiple bankrupt has been in the public spotlight, along with Sir Philip Green, over his role in the high-profile collapse of the department store chain.
But Chappell has, in some ways, had a lucky break today – albeit a small one. He has been given four extra days to submit evidence to the High Court in a bid to stop his investment vehicle Retail Acquisitions being wound up.
Less luckily for Chappell, once Friday passes the court has to decide whether to liquidate his company, as requested by BHS administrators Duff & Phelps, who are rather keen to examine just how much money was lent to Retail Aquisitions from BHS.
We understand the reason for Chappell’s deadline extension was his dawn raid arrest by HMRC, who are also keen to get their mitts on his business dealings – as he allegedly owes half a million pounds in tax made on profits from BHS.
In less ludicrous news today, today Aldi and Lidl’s growth hit a five-year low, B&M profits climbed in its half-year and Space NK founder Nicky Kinnaird joined the Debenhams board.
Quote of the day
“In my view this is one of the most competitive, if not the most competitive and innovative, retail sectors in the world and so what they [retailers] are doing now is trying to figure out how to take out other costs and absorb as much as possible, but inevitably some of this big move will be passed through and that is reflected in our forecast.”
The Bank of England’s Mark Carney, speaking to the Treasury select committee on retail price rises
Today in numbers
The last time that Aldi and Lidl’s growth slowed to its current rate
B&M’s first half pre-tax profits rise
All quiet on the results front tomorrow, but keep an eye out for Black Friday predictions from IMRG and our exclusive video diary from Alibaba’s Singles’ Day.
Becky Waller-Davies, fashion reporter