Dominic Chappell to pay £9.5m into BHS schemes after losing Upper Tribunal case
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Dominic Chappell, who had bought BHS for £1 from businessman Sir Philip Green in 2015 before it went into administration the following year, will have to pay £9.5m into the pension schemes of BHS.
TPR had issued a contribution notice in January 2018, but Chappell had referred the decision to the Upper Tribunal, which has now upheld the determination panel's decision.
TPR had issued a contribution notice in January 2018, but Chappell had referred the decision to the Upper Tribunal, which has now upheld the determination panel's decision.
In January 2018, the panel ruled that two contribution notices for a total of £9,542,985 be issued against Chappell.
Nicola Parish, TPR’s executive director of frontline regulation, said: “We are pleased that the decision to issue two Contribution Notices to pay money into the BHS pension schemes stands.
The BHS schemes had a combined buyout deficit of £571 in 2015. In February 2017, Sir Philip paid £363m into the scheme following pressure as part of separate regulatory action by TPR.
