Belfast Telegraph

BHS boss Chappell 'seeking a rescue package with US investors'

The owner of BHS has said he is working with private US investors to draw up a rescue package for the collapsed retailer.

Dominic Chappell said he would look to save a "substantial majority" of the chain's 164 shops and continue the business under the BHS brand.

BHS has four stores in Northern Ireland - Belfast, Holywood, Newtownabbey and Lisburn - and employs around 200 staff.

Mr Chappell said: "The pension deficit was weighing us down and not allowing us to move forward.

"After the administration, when the pensions side of the business is sorted out, we will be able to move on. I'm working with US investors to buy a substantial majority of stores."

BHS went into administration on Monday, putting 11,000 jobs at risk.

Mr Chappell acquired BHS for £1 from retail tycoon Sir Philip Green last year, taking on a £571m pension deficit. Both men have come under fire - Sir Philip for paying his family £400m in dividends from the business and mismanaging the pension scheme, and Mr Chappell for sucking a reported £25m out of BHS over the last year.

Belfast Telegraph