Dominic Chappell, the owner of BHS, moved £1.5m from the retailer into an obscure corporate vehicle last week as its financial problems worsened.
BHS sources said Chappell transferred the funds to an entity called BHS Sweden, which is not connected to the company, following a board meeting on 18 April that concluded that BHS needed to find emergency funding or would have to call in administrators.
The BHS management are understood to have asked him to return the cash to the business when they discovered what had happened last Wednesday. Chappell then paid back all but £50,000, telling the management that this represented the cost of transferring the money into Swedish krona and back again.
My best guess is that he’ll have to find that £50k as well.