Allied Commercial Exporters made millions on real estate deals after boosting takeover consortium leader’s credibility as a buyer with £35m in funds
Property investors provided Dominic Chappell with the £35m needed to show Sir Philip Green’s Arcadia group that he was a credible buyer for BHS, it has emerged. Allied Commercial Exporters (ACE) then went on to make millions from a series of real estate deals with the department store chain.
ACE, which is run by Guy and Alexander Dellal, the son and grandson of property investor “Black Jack” Dellal, backed Chappell’s takeover with the consortium Retail Acquisitions before buying an office block from BHS and loaning the retailer money at such a fierce interest rate that it was known by management as the “Wonga” loan.
from Mergers and acquisitions | The Guardian http://ift.tt/1WT8ic7
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