REGULATORS have ordered a businessman to cough up millions of pounds to a high street chain’s pension pot.

Dominic Chappell has been told he will need to pay for two pension schemes linked to BHS.

He faces a Determination Notice from The Pensions Regulator (TPR), which is based in Brighton, in connection to the collapsed high street chain.

Mr Chappell bought BHS from Sir Philip Green for £1 in 2015 but the business went into administration in 2016. Shops in Brighton, Worthing, Horsham, Eastbourne, Crawley, Chichester and Hastings all closed.

He lost an appeal and must now pay £9.5 million after TPR issued two anti-avoidance contribution notices. TPR previously agreed a £363 million deal with Sir Philip in 2017 for BHS pensions.

TPR’s director Nicola Parish said: “We are pleased that the decision to issue two Contribution Notices stands. It shows we are willing to pursue a case through court to seek redress for savers.”

“It illustrates the situations our anti-avoidance powers were designed to meet and which allow us to protect the retirement incomes that savers deserve.”