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BHS: former executives savage 'liar' Dominic Chappell BHS: former executives savage 'liar' Dominic Chappell
(35 minutes later)
Former BHS executives have launched a scathing attack on the man who bought the failed retailer. The former owner of BHS, Dominic Chappell, has been accused of being "a liar" who had his "fingers in the till" by top BHS managers.
Dominic Chappell was accused of being a "premier league liar" and having his "fingers in the till". The claims were made to MPs at a hearing into the collapse of the firm.
The claims were made to MPs at a Commons committee hearing into the collapse of the 163-store chain. In a scathing attack, the ex-chief executive of BHS, Darren Topp, alleged Mr Chappell threatened to kill him in a row over company money.
Mr Chappell, whose Retail Acquisitions bought BHS for £1, will give his side of the story when he appears later. Mr Chappell, whose Retail Acquisitions bought BHS for £1, will give his side of the story later.
The Business, Innovation and Skills Committee and the Work and Pensions Committee are hearing evidence into the collapse, which resulted in up to 11,000 jobs losses and left a huge hole in the pension fund. Mr Topp said he initially took Mr Chappell's claim to be a turnaround specialist and property expert at face value. When Mr Chappell's promises "unravelled", rather than "putting money in" he had "his fingers in the till," Mr Topp said.
Mr Chappell, a former racing driver with limited retail experience, had promised to put millions of pounds into a BHS after he bought it from Sir Philip Green's Arcadia group. 'Premier League liar'
Mr Topp, the former chief executive of BHS, said he initially took Mr Chappell's claim to be a turnaround specialist and property expert at face value. When Mr Chappell's promises "unravelled", rather than "putting money in" he had "his fingers in the till," Mr Topp said.
Former BHS financial consultant, Michael Hitchcock, was similarly scathing of Mr Chappell and his team. He told MPs: "I think I was duped. I think the technical term is a mythomaniac. The lay person's term is he was a premier league liar and a Sunday pub league retailer. At best."Former BHS financial consultant, Michael Hitchcock, was similarly scathing of Mr Chappell and his team. He told MPs: "I think I was duped. I think the technical term is a mythomaniac. The lay person's term is he was a premier league liar and a Sunday pub league retailer. At best."
He added: "The credibility and ability of the people Dominic surrounded himself with were not fit for purpose... I fundamentally don't think he understood what was going on.He added: "The credibility and ability of the people Dominic surrounded himself with were not fit for purpose... I fundamentally don't think he understood what was going on.
"I question his intelligence, he wasn't a retailer. The motive was purely for his own benefit. There is a big smell test which I adopt in a lot of these situations, and it just did not smell right," Mr Hitchcock said."I question his intelligence, he wasn't a retailer. The motive was purely for his own benefit. There is a big smell test which I adopt in a lot of these situations, and it just did not smell right," Mr Hitchcock said.
'Death threat''Death threat'
Mr Chappell, a former bankrupt, has previously said that his business plan for BHS was fundamentally sound and the retailer could have survived if he been able to raise sufficient funds. Mr Chappell, a former racing driver with limited retail experience, had promised to put millions of pounds into a BHS after he bought it from Sir Philip Green's Arcadia group.
He previously said that his business plan for BHS was fundamentally sound and the retailer could have survived if he been able to raise sufficient funds.
However, there are questions over his decision to transfer money out of the company, funds that were later returned at the demand of former executives. Mr Topp alleged that Mr Chappell threatened to kill him when he questioned him over the £1.5m transfer of the money to Sweden.However, there are questions over his decision to transfer money out of the company, funds that were later returned at the demand of former executives. Mr Topp alleged that Mr Chappell threatened to kill him when he questioned him over the £1.5m transfer of the money to Sweden.
Meanwhile, Mr Hitchcock said he was forced to change the company's bank mandate to "stop any chance of money flowing outside of the business".Meanwhile, Mr Hitchcock said he was forced to change the company's bank mandate to "stop any chance of money flowing outside of the business".
Mr Chappell is due to give evidence to MPs later on Wednesday. They have already taken evidence from the pensions regulator and financial advisers on the sale of BHS to Retail Acquisitions. Sir Philip Green is due to appear later this month.Mr Chappell is due to give evidence to MPs later on Wednesday. They have already taken evidence from the pensions regulator and financial advisers on the sale of BHS to Retail Acquisitions. Sir Philip Green is due to appear later this month.
The Business, Innovation and Skills Committee and the Work and Pensions Committee are hearing evidence into the collapse of the 163-store group, which resulted in up to 11,000 jobs losses and left a huge hole in the pension fund.
Administrators Duff & Phelps announced last month that BHS will be wound down with the loss of up to 11,000 jobs after efforts to find a buyer failed.Administrators Duff & Phelps announced last month that BHS will be wound down with the loss of up to 11,000 jobs after efforts to find a buyer failed.
BHS, which went into administration in April after the company ran out of money and could not pay suppliers, is holding closing down sales over the coming weeks.BHS, which went into administration in April after the company ran out of money and could not pay suppliers, is holding closing down sales over the coming weeks.