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BHS store deals hit by Brexit vote

Some property deals for BHS leases have fallen through as a result of the UK’s vote to leave the European Union, according to a source close to the situation.

“A number of deals have fallen through because of Brexit and the values are changing daily, which is making it very complicated,” the source told Drapers. “There are no property investment transactions going through and some of those deals need investments so it is changing day to day.”

Drapers understands deals are being offered with a handover of stores set for August 22, but that stores could shut earlier depending on the stock situation.

Administrator Duff & Phelps declined to comment.

Sports Direct founder Mike Ashley’s bid for a package of BHS stores and the right to use its name is still on the table, Drapers understands. The package of stores included was described as a “mixed bag” of prime and secondary locations by the above source.

Last week, Qatari retail group Al Mana struck a deal to buy BHS’s 70 international stores and its website for an undisclosed amount.

Some employees from BHS will be TUPE-transferred over to a new trading company as part of the deal, administrators Duff & Phelps confirmed.

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