Dominic Chappell

Dominic Joseph Andrew Chappell (born 28 November 1966) is a British businessman and former racing driver,^[1] who has been declared bankrupt on three occasions.^[2] In 2015, his company, Retail Acquisitions Ltd, purchased the now collapsed retail chain British Home Stores from Philip Green for just £1 GBP and a £10,000,000 equity injection into BHS Group Ltd. 13 months later the company was placed into administration resulting in the closure of 164 stores and the loss of 11,000 jobs.^[3]

Early life

Chappell was born in Sunbury on Thames, Surrey in 1966. He was educated at Millfield School in Somerset.^[4]

Motor racing

Chappell competed from 1986 to 1999 including British Formula Ford 2000, and British F3 in 1990, finishing runner up in the Class B Championship. Chappell competed in the 24 Hours of Le Mans race in the GT1 class in 1994 (not classified), 1995 (did not finish) and 1996 (did not finish),^[1] and entered in the GT2 class in 1997 but failed to qualify.^[5]

Chappell launched the Interactive Sportscar Championship in the UK in 2001. The series folded after one race, leaving almost everybody unpaid, despite promises of payment.^[6][7]

Outside Motorsport

In August 2016, Chappell was disqualified from holding a driving licence for six months and fined after pleading guilty to driving at over 63 mph in a 40 mph zone in Andover, Hampshire.^[8]

Business career

Island Harbour Marina

The closing down sale for a British Home Stores branch in London.

Chappell has been a director of various companies, and has been made bankrupt two times^[2] and entered into an individual voluntary arrangement once.

He was involved in the Island Harbour Marina development on the Isle of Wight.^[9]

It was reported in 2015 that Chappell, with the backing of investors, became the 90% owner of Retail Acquisitions, the firm that acquired British Home Stores (BHS) from Sir Philip Green for £1.^[10][11][12]

It subsequently transpired that instead of injecting new capital into the cash-strapped company as agreed with Arcadia, Chappell extracted £1,789,250 within three months of acquiring control of BHS.^[13]

During the 13-month period he controlled BHS, Chappell by his own admission, extracted a total of £2,627,643 from BHS. ^[14]

On 26 April 2016, it was reported that when it became likely that BHS would be going into receivership Chappell had moved £1.5 million from the firm to a company owned by a friend who was also a fellow board member of Retail Acquisitions. The sum had been later refunded at the request of BHS' chief executive Darren Topp (less £50,000 bank transaction fees).^[15]

Just days after putting BHS into liquidation, and with its £571m pension deficit absorbed by the UK government's Pension Protection Fund, Chappell was said to be considering re-purchasing some parts of the firm.^[16] Reporting on this development, the BBC's Business editor Simon Jack noted: "Sources at BHS treated the announcement with bewilderment. Other very senior retail sources used more colourful language. His credibility has taken a very serious knock. The details that have emerged about Dominic Chappell and his fellow directors' extraction of millions in professional fees has attracted widespread criticism".^[17]

On 2 September 2016, another Chappell owned company, Swiss Rock plc was put into liquidation. The Statement of Affairs included unpaid VAT debts of £365,000 and outstanding Corporation Tax of £197,306. ^[18]

See also

• Paul Alexander Sutton

References