Maybe this wasn’t meant to work out all that well….

BHS was on the verge of collapse on Sunday night after eleventh-hour rescue talks failed, threatening 11,000 high street jobs.

The department store’s owner, Retail Acquisitions, a consortium led by former bankrupt Dominic Chappell,

Second chances and all that but still….

Chappell has been a director of various companies and has been made bankrupt twice and entered into an individual voluntary arrangement once.

12 thoughts on “Maybe this wasn’t meant to work out all that well….”

  1. He’d probably want it nationalised, under the acronym for Grand Universal Merchandise.stores.

  2. As with British Rail, nationalising BHS would mean cheaper prices, better quality, more friendly staff (because there’s nowt friendlier than a government employee), and more reinvestment in the service.
    The Oxford Street flagship store will close, but a new flagship will open in Downham Market.

  3. So Much For Subtlety

    Actually this looks like a pretty good business. It was a pretty good business when Phillip Green managed to take it over. But now it is better.

    It has a huge pension deficit. Good. The bigger the better. After all, the government will step in. A beloved brand etc etc. Part of the fabric of the nation. Can’t leave the poor hard working workers stranded. So Cameron will take on the pensions. He will probably kick in a few hundred million here or there.

    After all, he would for a pathetic steel mill. Millions of women on Mumsnet recognise BHS. They might even slum it and shop there.

    So obviously the thing to do is buy it for a song. Loot the pension fund even further. Dump it. It may have worked before – how much did Phillip Green pay himself before off loading it?

  4. Dominic Chapel is a known arthur daley type. The DT ran an expose of him when he took BHS over, and it featured a scheme he ran on the Isle of Wight, and had a few people I know as sources. Have a dig up. It’s a shocker he managed to buy the chain in the first place, and no one thought this would end well.

  5. So Much For Subtlety

    Off topic, Papa Wemba has died too. If it is hard to name three famous Belgians, it is even harder to name three famous Belgian colonial subjects. Mobutu. Papa Wemba. And …? Well, honestly, Mobutu and ….?

    You have got to like a man who did time for smuggling illegals into France, as well as for sleeping with the wrong under-age daughter of a powerful man, while finding time to be the President of Congo’s Société des Ambianceurs et des Personnes d’Élégance. Which must have been a barrel of laughs.

    Has anyone checked on Angélique Kidjo? Youssou N’Dour? It looks like God is collecting Black musicians.

  6. SMFS – Philip Green sold it for a quid. I would suggest that if a sharp cookie like PG couldn’t turn it around.. it was unturn roundable…

  7. So Much For Subtlety

    Johnnydub – “Philip Green sold it for a quid. I would suggest that if a sharp cookie like PG couldn’t turn it around.. it was unturn roundable…”

    If I remember right, and I might not, over a few years Green paid himself several hundred millions of pounds. About the same as the pension deficit as it happens.

    I agree he is a sharp cookie.

  8. Bloke in Costa Rica

    BHS is another one of those things I was surprised to see still existed. I thought they’d gone tits-up years ago.

    I remember when their store in Newport had the first escalator on the Isle of Wight. Rumour has it people used to come in on the bus from places like Whitwell and Niton so they could have a ride up and down and then go home to tell everyone about the big city folk and their fancy ways.

  9. I have so little knowledge about Dominic Chappell it’s had to ask the right questions.

    Is Chappell on of the type that takes a company apart to increase his own, and the shareholders, short term gains?

    If so can we lock him in a crate strapped to the roof of a car for a cross country journey?

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