The British high-street retailer BHS was bought by Dominic Chappell from Sir Philip Green in 2015 for £1 and collapsed in 2015 with a multi-billion pensions black hole.
He was found guilty of failing to report the chain’s bankruptcy, but who is Dominic Chappell and what is his background?
BHS was acquired by Dominic Chappell, a former racing driver who had declared bankruptcy the year before.
Reuters is the source of this information.
What is Dominic Chappell’s name and how much money does he make?
Aside from his bankruptcy declarations, Dominic Chappell had not been well-known prior to purchasing BHS.
Born in November 1966 in Surrey, England, he raced from 1986 until 1999.
He made it to Formula Three and competed in the Le Mans 24 Hours three times, but all three times he failed to finish.
For his Interactive Sportscar Championship in 2001, he installed cameras in the dashboards of race vehicles.
However, after only one race, the series was forced to call it quits due to poor subscription numbers.
As a co-owner of Eyot, Chappell’s father, he also oversaw the company.
When he filed bankruptcy in 2005, he was a director of the firm. In 2008, Eyot took over as president.
For his Island Harbour maritime development on the Isle of White, the playboy businessman was most known before BHS.
48 residences, 26 premium waterfront estates, and a personal helicopter pad were all part of his plans for the land.
However, the project was put into administration in 2009 after just six months due to the call in of £24 million in loans.
He couldn’t even manage a penny machine in a toilet door, an investor who lost money on the venture stated.
The purchase of BHS by Chappell’s company, Retail Acquisitions, for one pound from Sir Philip Green in March 2015 raised questions about why the retail magnate would sell his company to someone with such minimal expertise in the field.
The department store went into administration in 2016 with the loss of 11,000 jobs and a huge hole in the pension fund.
Two Commons select committees jointly concluded that Mr. Chappell misused the firm for his own personal advantage and lavishly rewarded himself and his fellow directors.
After being found speeding in his £75,000 automobile in August 2016, he was given a one-year licence suspension.
His present net worth is unknown, but the £2.65 million in fees, salary, and other payments he got while working at BHS are.
Why did the Pensions Regulator file criminal charges against Dominic Chappell?
On August 22, 2017, the Pensions Regulator stated that it will bring criminal charges against Dominic Chappell in connection with the BHS collapse.
The watchdog said that the previous owner of BHS neglected to submit required information and records.
The regulator was looking into the BHS pensions scam, which resulted in a massive deficit of £571 million in employee pensions.
Chappell was ordered to appear in court on three counts of failing or refusing to produce information or documents without a justifiable cause on September 20, 2017 at Brighton Magistrates’ Court.
On January 11, 2018, The Pensions Regulator determined that Chappell had no good cause for failing to provide the information sought.
When confronted with this claim, the defence said he was “making it up as he goes along.”
In April and May 2016 and February 2017, Chappell was charged with failing to or refusing to disclose information and documents to the Pensions Regulator.
He’s now looking at a $500,000 fine.