In the clear: Sir Philip Green, with his wife Tina
Sir Philip Green has escaped action over the collapse of BHS – but the former racing driver who bought it from him for £1 is facing a ban as a company director.
Green, 66, who sold the department store in 2015, has been told he will face no further action form the Insolvency Service, which brings to an end regulatory probes against him over the chain’s failure.
However, Dominic Chappell, whose Retail Acquisitions firm bought BHS, could be banned from serving as a company director for up to 15 years.
The Insolvency Service said it had written to Chappell and three other former BHS directors informing them it intends to bring proceedings against them following its investigation into the retailer’s collapse.
Sir Philip’s representatives said he and his fellow directors ‘have co-operated fully with the Insolvency Service since its investigation commenced in May 2016, and welcome this decision’.
Chappell, 51, said he has not been notified of the move by the Insolvency Service, adding that he has no further comment to make at this stage.
He was hit last month with a bill of around £10million by the Pensions Regulator after it launched proceedings to claim back the cash owed to the failed retailer’s pension schemes.
He is also appealing a conviction which led to a £50,000 fine.
Chappell was convicted in January of failing to give information about BHS’s pension schemes to investigators after it collapsed into administration in 2016 with the loss of 11,000 jobs.
The Insolvency Service said: ‘As this matter may now be tested in the court, it is not appropriate to comment further.’