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

Green close to BHS disposal

Arcadia’s Sir Philip Green is close to selling off his troubled retail chain BHS, according to reports.

The retail tycoon is understood to be in talks with a buyer and a deal could be made as early as this week, the Financial Times reports.

One of the leading contenders to acquire the business is Alteri, a retail turnaround firm backed by US private equity group Apollo. Tony Brown, an ex-senior director at BHS and former chief executive of department store chain Beales, is working with Alteri to secure the deal, according to The Telegraph.

However The Sunday Times said Alteri is no longer the frontrunner to acquire the business.

As reported by Drapers last week Alteri Investors has appointed former Apax Partners principal Magnus Mattsson as chief investment officer, as it gears up to invest in struggling retailers on the British high street.

In January Green, who bought BHS in 2000 for £200m, said he had received “several approaches” for the chain and would “explore whether any of these can be brought to a conclusion”.

BHS made cash losses of £21m in 2014, up on the £19.3m losses in 2013. During the same year the chain also had liabilities of £100m on its pension scheme.

@jillgeoghegan

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.