Dominic Chappell has been told to pay “multiples of £1 million” by the Pensions Regulator to help plug BHS’ £571 million deficit.
Warning notices sent to Chappell and his company Retail Acquisitions say they expect to receive millions of pounds from the most recent BHS owner, according to The Guardian.
Although precise details of the warning letter are unclear as anyone disclosing information would be breaking the law, it is thought this is to do with Chappell‘s “systematic plunder” of collapsed high street chain BHS.
An estimated £17 million was taken out of the heritage department store in the 13 months it was owned by Retail Acquisitions.
After infamously buying the business from Sir Philip Green for £1 in March 2015, Chappell soon sold off the company‘s flagship store as well as its Warwickshire branch and warehouse in Atherstone, using much of the proceeds to pay off a loan for his business.
READ MORE: Former BHS owner owes £500,000 in tax
Legal proceedings have begun and the investigation by multiple bodies into the handling of BHS is ongoing.
It was announced last week that warning notices spanning more than 300 pages were send to Green, Chappell and their respective companies laying out its case for financial reimbursement.
Green offered to pay £300 million to “sort” the situation but was denied a deal, with the regulator stating he must cover the entire sum.
Pensions expert John Ralfe told The Telegraph that regulators should “bite Philip’s arm off” as any other route would see a lengthly and very costly legal battle ensue.
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