Arcadia chairman Sir Philip Green has confirmed that he planned to sell Marylebone House, NW1, the BHS head office, to Dominic Chappell for £10m.
Chappell had taken a £35m loan from the Dellal family in order to pay for the asset, which he was then planning to flip for £45m.
Green said that he was aware that this was Chappell’s intention, but he wanted to sell the asset to him so that he could invest the profits back into BHS.
However, once news reached the property market that the asset was for sale, Green said that Arcadia then received much better offers for the block and decided not to do a deal with Chappell as he realised it was worth more than £35m.
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