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

Matalan founder leading as BHS bids enter final stages

Matalan founder John Hargreaves is reported to be leading the race to acquire BHS with an offer of between £60m and £75m made with Select Fashions owner Cafer Mahiroglu.

The offer is thought to be for the business and £40m to £50m of unsold stock, The Guardian has reported. 

It is understood that Sports Direct boss Mike Ashley’s offer is too low, while Edinburgh Woollen Mill owner Philip Day has stepped back from proceedings, leaving Hargreaves and Mahiroglu, and one other “well-funded” European investor.

However, administrator Duff & Phelps has lined up restructuring firms Gordon Brothers, Hilco Capital and Alteri Investors to assess how much the business would be worth if it were sold in smaller packages rather than a whole, The Daily Telegraph has reported.

A deal is expected early next week.

Hargreaves won the prestigious Drapers Lifetime Achievement Award last year for his career establishing Matalan, which also turned 30 in 2015.

Tags

Readers' comments (1)

  • If this goes to a restructuring company then you have to look carefully at the administrator as they will just break it up and pay no one.
    Makes it look like a dodgy deal.

    Unsuitable or offensive? Report this comment

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.