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.