BHS has wasted no time in ramping up its turnaround plans, earmarking 25 stores to receive its new convenience food offer in coming months.
Lewisham and Camberley are set to open new food departments over the next two weeks and many others in the pipeline are “coming soon”. It follows the retailer’s company voluntary arrangement (CVA), which gained creditor approval on March 23.
The food range includes deals, such three bottles of wine for £10 and a “dine in for two” offer, designed to rival supermarkets and Marks & Spencer.
BHS food stores
A spokesman for BHS said it is on track with plans to raise £100m of new funding to invest in stores, online and its overall proposition.
The plan involves raising £30m from property transactions, £10m from withdrawing letters of credit and £60m as asset-based lending from Gordon Brothers.
“The £60m facility has been agreed and we are awaiting covenants,” said the spokesman.
The company is expected to remain in its Oxford Street flagship store in London until the end of the year, after the leasehold on the property was bought for an estimated £55m.
Oxford & City has acquired the flagship and agreed a pre-let to Polish retailer LPP, which trades under the fashion fascia Reserved, for 106,000 sq ft across the ground, first and second floors.