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Administrators receive five bids for BHS

BHS has reportedly attracted five bids for the bulk of the business, as the deadline to submit offers closes.



There have been 50 expressions of interest for the struggling department store chain, and five bids for the retailer to administrators Duff & Phelps, according to Sky News.

The deadline for submitting bids was 5pm yesterday (May 10).

A formal bid process will now take place and the highest offers will be taken to secured creditors for approval. A decision is expected early next week.

BHS chief executive Darren Topp said he was still optimistic for a sale of the business as a going concern, as the 5pm deadline for final bids passed yesterday, and a BHS spokesman confirmed that the department store has been trading “far better than we have in recent years” over the last few weeks since administrators were appointed

Potential buyers are thought to include Sports Direct, the owner of Edinburgh Woollen Mill Philip Day, and property developer Yousuf Bhailok.

According to The Telegraph, Bhailok said he would not extract any money out of the retailer if he succeeds in acquiring BHS out of administration.

Bhailok confirmed to the newspaper that his renamed investment vehicle, Retail Revive, which includes his son and wife as directors, formally lodged its interest with administrators on Tuesday.

It comes after BHS staff launched a last-ditch guerrilla campaign in an attempt to secure its future, illuminating London landmarks with giant flags bearing the slogan #SaveBHS.

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