Sports Direct owner Mike Ashley has reportedly been outbid by rivals for BHS as administrators try to secure the retailer’s future on the high street.
Ashley put in a “low-ball offer” for the business, according to The Guardian, and administrators are now leaning towards an offer led by John Hargreaves, the founder of Matalan and owner of Select Cafer Mahiroglu.
Hargreaves reportedly spent several hours on Tuesday (May 17) meeting senior management and staff at BHS.
Ashley’s bid is also thought to be behind those from Edinburgh Woollen Mill owner Philip Day and a fourth bidder – thought to be a European retailer and a finance house.
Administrators are now not expected to finalise a deal until next week, later than the previous deadline of this weekend.