Guardian analysis of accounts filed by Chappell’s holding company shows figure was not cash but a revaluation of assets
A £5m “bonanza” cited by Dominic Chappell to bolster his business credentials when buying BHS last year was an accounting estimate and not the cash payment he had previously claimed.
Chappell had presented the windfall in the accounts of Olivia Investments, his family’s holding company in Gibraltar, to counter concerns that the former bankrupt had little relevant experience when acquiring the retailer in 2015.
Related: Portuguese-backed consortium close to deal for BHS
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