Who is Dominic Chappell and what’s his net worth? The man who bought BHS for £1 found guilty of pension crisis cover up
Ex-racing driver who was probed by MPs over collapse of BHS has now been found guilty of a pension-crisis cover up
DOMINIC Chappell purchased British high street chain BHS for £1 from Sir Philip Green in 2015 — just over a year before its collapse with a multi-billion pensions black hole.
Dominic Chappell has since been found guilty of failing to provide information to the Pensions Regulator after the chain went bust - but who is he and what is his story?
Who is Dominic Chappell and what's his net worth?
Dominic Chappell was not widely known ahead of his purchase of BHS, but he had been declared insolvent three times — twice through bankruptcy.
Born in Surrey in November 1966, he competed as a racing driver between 1986 and 1999.
He reached Formula Three level and took part in Le Mans three times, although he failed to finish on each attempt.
In 2001 he launched the Interactive Sportscar Championship, which saw cars fitted with dashboard cameras for enhanced viewing.
But with subscribers far below expectations, the series folded after just one race.
Chappell also ran property firm Eyot alongside his father.
He was a director of the company when he declared himself bankrupt in 2005, following an alleged dispute with Foxtons estate agents. Eyot went into administration in 2008.
Prior to BHS, the playboy businessman was best known for his Island Harbour marine development on the Isle of White.
He planned to build 48 homes, 26 luxury waterside properties, private moorings and a personal helipad at the site.
But in 2009, six months into the project, it went into administration as loans of £24million were called in.
An investor who lost money on the deal said: “He couldn’t run a penny machine in a toilet door.”
When it was revealed Chappell's company, Retail Acquisitions, had purchased BHS for £1 from Sir Philip Green in March 2015, many questioned why the retail mogul had sold the business to someone with such limited experience of the industry.
The department store went into administration in 2016 with the loss of 11,000 jobs and a huge hole in the pension fund.
MPs launched a post mortem into the company's collapse and the joint report of two Commons select committees said Mr Chappell had exploited the company for his own personal gain and paid himself and fellow directors "lavish" rewards.
He was banned from driving in August 2016 after being caught speeding in his £75,000 car.
While it is unclear what his net worth currently is, what is known is that the received £2.6million in fees, salary and other payments during his time at BHS.
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Why was Dominic Chappell being prosecuted by the Pensions Regulator?
The Pensions Regulator announced on 22 August 2017 that it would be prosecuting Dominic Chappell over the BHS collapse.
The watchdog said that the former BHS owner failed to provide information and documents when they were requested.
The regulator was investigating the BHS pensions scandal, which saw it wind up with a staggering staff pensions shortfall of £571million.
Chappell was summonsed to appear at Brighton Magistrates' Court on 20 September 2017 to face three charges of neglecting or refusing to provide information and documents without a reasonable excuse.
On January 11, 2018, Chappell was found to have had no reasonable excuse for not providing the information requested by The Pensions Regulator.
The prosecution suggested he had been "making up the defence as he goes along".
Chappell was charged with neglecting or refusing to provide information and documents to The Pensions Regulator in April and May 2016 and February 2017.
He now faces an unlimited fine.