BHS’s administrators are still pursuing Dominic Chappell’s investment vehicle for a £6.1m loan it secured from the retailer, more than 18 months on from its demise.
Duff & Phelps claims that recouping the money has been delayed by investigations into the financial affairs of Retail Acquisitions, the firm that bought BHS. A progress report from Duff & Phelps reveals that the firm has pocketed £405,000 for its work picking through the bones of the collapsed retailer and its web of companies.
It also reveals that the firm agreed to a 15pc reduction on its fees following a meeting with creditors, ahead of the company being passed into liquidation, which is now being handled by advisers at FRP.
In August last year Sir Philip Green lost his battle with FRP over a disputed £35m floating charge held by Arcadia, the company that holds his retail empire, including Topshop and Dorothy Perkins.
The progress report reveals that now Arcadia has dropped its claim around £30m can be passed to other creditors, such as suppliers who were left out of pocket from BHS's collapse.
The security initially gave Sir Philip control over the administration proceedings of BHS, including his recommendation to hire Duff & Phelps as administrators, and put him first in line to recover his debts from the collapse.
FRP was hired later by the Pension Protection Fund, BHS’s biggest creditor, after concerns about Duff & Phelps’s close ties with the Topshop tycoon were aired in a fiery Commons select committee inquiry.
Earlier this month, Chappell, 51, was found guilty of refusing to provide vital documents to the Pensions Regulator relating to its investigation into his purchase of the company.
Chappell faces sentencing at Barkingside magistrates’ court, north London on Feb 23.