Saturday, April 10, 2021

BHS advisers being targeted by liquidators for £8 million

BHS liquidators are looking to reclaim fees paid to advisors who facilitated Dominic Chappell‘s purchase of the company.

According to the Daily Mail law firm Olswang and accountancy company Grant Thornton were paid £3.7 million and £4.4 million respectively for services during the company‘s purchase.

The companies may now be asked to repay these fees by liquidators in order to provide much needed cash for the massive pensions deficit.

A spokesperson for Olswang said the company was “unaware of any such claim made by the administrators” when speaking to the Daily Mail.

READ MORE: BHS enters liquidation

The Sunday Times also reported yesterday that convicted fraudster Paul Sutton, who had previously made an offer for BHS but was denied, has received payments from a company called Capital Management.

Sutton is thought to have been responsible for introducing Chappell to Sir Phillip Green and facilitating the deal. Capital Management‘s signatory is Chappell‘s father and its only director is a close family friend of the Chappells. 

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