Former Burton and Mothercare managing director Greg Tufnell has reportedly made an eleventh hour bid to rescue BHS.
He is leading a group backed by a wealthy Portuguese family, and has emerged as the frontrunner to buy the department store chain out of administration.
Tufnell is working alongside Nick de Scossa, a Swiss banker, and José Maria Soares Bento, thought to working with a wealthy family in Portugal, according to The Guardian.
Tufnell aims to become chairman of BHS and has reportedly held talks with administrators, having pledged to pump millions of pounds into reviving the ailing retailer.
An announcement on the sale of the chain is expected from administrators in the coming days.