Sports Direct boss Mike Ashley has confirmed he did want to buy BHS to offer “that extreme value Sports Direct is known for”.
“I 100% wanted to buy BHS,” he revealed in front of MPs from the business, innovation and skills select committee earlier today.
“This is why I’m not city trained, I blurt out,” he said, although his PR advisor stopped him from answering if he thought Arcadia boss Sir Philip Green had done anything wrong during the process.
“I believed in House of Fraser, Sports Direct could have a Lillywhites floor – we still have 11-12% in it. Debenhams could have a Sports Direct floor in it but in actual fact, the most logical fit was Sports Direct and BHS because it could offer that extreme value Sports Direct is known for.
“Together we could be able to give the customer better value through being able to buy better; it could have become a viable proposition.”
It comes as last week administrators Duff & Phelps, which were appointed on April 26, today confirmed the “orderly wind down” of the business as although multiple bids were received, none were able to complete due to the working capital required to ensure the future of the business.
A source close to the situation confirmed that Mike Ashley contacted the administrators with a low bid, which they declined.