Ex BHS boss Dominic Chappell guilty of £2.2million tax evasion over £1 buyout

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Former BHS owner Dominic Chappell has been convicted of tax evasion.

A jury at London's Southwark Crown Court has found the 53-year-old guilty of tax evasion on £2.2 million of income he received from his £1 deal to buy the failed high street chain.

Chappell had claimed he was "misled" by retail tycoon Sir Philip Green, from whom he bought BHS for just £1 in 2015.

The company failed in 2016, resulting in 11,000 job losses.

During the trial Chappell said the £1 deal turned out to be a "life-changing catastrophe" and that he should "never have touched it with a barge pole."

Chappell denied three charges of cheating the public revenue related to his now-bankrupt finance company Swiss Rock Limited (SRL), accusing him of dishonesty regarding VAT, corporation tax and income tact between January 2014 and September 2016.

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Over a 12-month period, SRL received £2.2million in income and consultancy fees from the acquisition and management of BHS.

Chappell spent £185,000 of this money on a yacht, bought a Bentley Continental car, Beretta guns and paid £95,000 to his wife.

In January Chappell's appeal failed and he was made to pay £9.5million into former BHS employees' pensions by The Pensions Regulator.

TPR said Chappell'S acquisition of the business, the appointment of inexperienced board members and an "inadequate" business plan were detrimental to the firm's pension schemes.

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  • Crime
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