Name Dominic Chappell | Role Racing driver | |
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Ex bhs owner dominic chappell made death threats
Dominic Joseph Andrew Chappell (born 28 November 1966) is a British businessman and former racing driver, who has been declared bankrupt on three occasions. In 2015, his company, Retail Acquisitions Ltd, purchased the now collapsed retail chain British Home Stores from Philip Green for just £1 GBP and a £10,000,000 equity injection into BHS Group Ltd. 13 months later the company was placed into administration resulting in the closure of 164 stores and the loss of 11,000 jobs.
Contents
- Ex bhs owner dominic chappell made death threats
- Exclusive interview with former owner of BHS Dominic Chappell BBC Newsnight
- Early life
- Motor racing
- Outside Motorsport
- Business career
- References
Exclusive interview with former owner of BHS Dominic Chappell - BBC Newsnight
Early life
Chappell was born in Sunbury on Thames, Surrey in 1966. He was educated at Millfield School in Somerset.
Motor racing
Chappell competed from 1986 to 1999 including British Formula Ford 2000, and British F3 in 1990, finishing runner up in the Class B Championship. Chappell competed in the 24 Hours of Le Mans race in the GT1 class in 1994 (not classified), 1995 (did not finish) and 1996 (did not finish), and entered in the GT2 class in 1997 but failed to qualify.
Chappell launched the Interactive Sportscar Championship in the UK in 2001. The series folded after one race, leaving almost everybody unpaid, despite promises of payment.
Outside Motorsport
In August 2016, Chappell was disqualified from holding a driving licence for six months and fined after pleading guilty to driving at over 63 mph in a 40 mph zone in Andover, Hampshire.
Business career
Chappell has been a director of various companies, and has been made bankrupt two times and entered into an individual voluntary arrangement once.
He was involved in the Island Harbour Marina development on the Isle of Wight.
It was reported in 2015 that Chappell, with the backing of investors, became the 90% owner of Retail Acquisitions, the firm that acquired British Home Stores (BHS) from Sir Philip Green for £1.
It subsequently transpired that instead of injecting new capital into the cash-strapped company as agreed with Arcadia, Chappell extracted £1,789,250 within three months of acquiring control of BHS.
During the 13-month period he controlled BHS, Chappell by his own admission, extracted a total of £2,627,643 from BHS.
On 26 April 2016, it was reported that when it became likely that BHS would be going into receivership Chappell had moved £1.5 million from the firm to a company owned by a friend who was also a fellow board member of Retail Acquisitions. The sum had been later refunded at the request of BHS' chief executive Darren Topp (less £50,000 bank transaction fees).
Just days after putting BHS into liquidation, and with its £571m pension deficit absorbed by the UK government's Pension Protection Fund, Chappell was said to be considering re-purchasing some parts of the firm. Reporting on this development, the BBC's Business editor Simon Jack noted: "Sources at BHS treated the announcement with bewilderment. Other very senior retail sources used more colourful language. His credibility has taken a very serious knock. The details that have emerged about Dominic Chappell and his fellow directors' extraction of millions in professional fees has attracted widespread criticism".
On 2 September 2016, another Chappell owned company, Swiss Rock plc was put into liquidation. The Statement of Affairs included unpaid VAT debts of £365,000 and outstanding Corporation Tax of £197,306.