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Thousands of savers could see their retirement income slashed by 10 per cent.
Retail Acquisitions is understood to have taken more than £25million in salaries, fees and interest charges from BHS over the past 13 months.
A public hearing over these debts was held just days before BHS was sold.
The revelation heaps pressure on Sir Philip over why he pushed ahead with the sale and raises questions over how much he knew about Mr Chappell’s chequered financial past.
Discarding and selling companies is the right of any private sector owner in a free market economy.
But the owners have a broader moral responsibility to make sure the workforce, suppliers and the pension funds are properly protected before signing on the dotted line.
On April 9, a public meeting was held to clear up his bankruptcy debts.
MPs continued to raise questions over Sir Philip’s role.
But before this happened he became secretary of a firm called Island Harbour Holdings developing a marina on the Isle of Wight.
This deal turned sour and in March 2009 loans totalling £24million were called in and administrators were appointed.