Dominic Chappell says BHS didn't fail because of the money he took out

Hayley Kirton
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BHS To Go Into Administration
BHS was placed into administration in April (Source: Getty)

Dominic Chappell has today pushed back on claims that the collapse of BHS was caused by the money he took out of the business.

The high street retailer was placed into administration in April, just one year after it had been sold for £1 to Chappell's Retail Acquisitions.

In an interview with BBC's Newsnight, Chappell said:

Did I take a lot of money out? Yes, I did but did the business fail because of the money I took out? No it didn't. This was just a drip in the ocean compared to the money that was needed to turn around BHS.

Chappell, among others, has come under fire recently over the way he ran the business. Recently, the former racing car driver has faced some tricky questions from MPs regarding the salary he took from the company.

Chappell has also appeared before MPs as part of hearings for the two parliamentary inquiries the retailer's demise has sparked. The Business, Innovation and Skills committee is taking a closer look at the 2015 sale of BHS to Chappell's company, while the Work and Pensions committee is examining what the company's collapse means for pensions regulation in the country.

During the Newsnight interview, Chappell also explained that the very nature of business was a risky one.

"We live in a risk-reward society," he said. "That's the way companies are built and fail."

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