Sir Philip Green reportedly disposed of BHS for £1, signalling the billionaire’s frustration with the struggling high street chain.
Sources say buyout firm Retail Acquisitions paid the amount to take control of the business’s 171 stores and will also take on the BHS pension fund, which has an estimated deficit of £130m.
The business was sold without any further debts, but the loss-making department store’s sales have dropped in recent years. In 2013 it made a £69.6m loss on £675.7m of sales.
As reported by Drapers, control was transferred to Retail Acquisitions yesterday, which was incorporated in November 2014 and changed its name from Swiss Rock Ventures earlier this month.
The new owners plan to appoint a “retail heavyweight” as well as to manage the business as well as update stores and add new concessions.