Wednesday, December 19, 2018

BHS rescue deal nears completion as more scandal unfolds


As the investigation into the fall of BHS continues, news has now surfaced that the city banker Robin Saunders who helped to finance Sir Philip Green’s financial takeover of BHS in 2000, also advised Paul Sutton on the bid to buy the department store in 2015.

Sutton is a well know convicted fraudster who attempted to buy BHS last year until Green was made aware of his criminal background. The £1 deal was then awarded to Dominic Chappell and Retail Acquisitions in March 2015.

This addition to the BHS scandal comes just a few days after it was found that Allied Commercial Exporters (ACE), who have already been called to appear before MPs, provided Chappell with £35m to prove he was the best candidate to purchase the chain. 

It is likely that Saunders will now be asked to appear before MPs to explain her connection to the fraudster.

Those close to Green noted that he was not aware that Saunders had advised Sutton or that the Dellals (leaders of ACE) had assisted Chappell financially.

While the inquiries into BHS’s demise continues, the possibility of a rescue backed by a Portuguese consortium and Greg Tufnell draws ever closer. It is understood that the retailer’s administrator Duff & Phelps is currently discussing terms with the former Mothercare boss.