Ex-BHS owner Dominic Chappell ordered to pay £9.5m to pension schemes

Dominic Chappell BHS Sir Philip Green Pension Schemes
The businessman bought BHS from Sir Philip Green for only £1 in March 2015
// Ex-BHS owner Dominic Chappell to pay £9.5m to pension schemes
// The Pensions Regulator ordered the bankrupt businessman to pay after the conclusion of an appeals process
// BHS collapsed in 2016, leading to 11,000 job losses and a massive pension deficit

Dominic Chappell has been ordered to pay £9.5 million to the pension schemes of collapsed department store chain BHS.

The businessman, who bought BHS from Sir Philip Green for only £1 in March 2015, was ordered to pay the pension schemes by The Pensions Regulator after the conclusion of an appeals process.

BHS collapsed in April 2016, leading to 11,000 job losses.

Shortly after, it was revealed that it had a £571 million deficit in its pension fund.

READ MORE: Ex-BHS owner Dominic Chappell banned from directorship

In 2017, Green agreed a deal with regulators to hand over £363 million to cover the majority of the pension black hole.

Chappell’s appeal against orders to pay into the BHS’s pension schemes, which were first made in January 2018, was struck out in the Upper Tribunal.

The Pensions Regulator will now look to recover the money from Chappell for the two schemes.

“We are pleased that the decision to issue two Contribution Notices to pay money into the BHS pension schemes stands,” The Pensions Regulator executive director frontline regulation Nicola Parish said.

“This case illustrates how The Pensions Regulator is willing to pursue a case through the courts to seek redress for pension savers.

“It illustrates the situations our anti-avoidance powers were designed to meet and which allow us to protect the retirement incomes that savers deserve.”

Click here to sign up to Retail Gazette‘s free daily email newsletter


Please enter your comment!
Please enter your name here