Your browser is no longer supported. For the best experience of this website, please upgrade to a newer version or another browser.

Your browser appears to have cookies disabled. For the best experience of this website, please enable cookies in your browser

We'll assume we have your consent to use cookies, for example so you won't need to log in each time you visit our site.
Learn more

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.

BHS

 

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.

Have your say

You must sign in to make a comment

Please remember that the submission of any material is governed by our Terms and Conditions and by submitting material you confirm your agreement to these Terms and Conditions. Links may be included in your comments but HTML is not permitted.