BHS’s administrator Duff & Phelps has reportedly told a raft of suitors vying to buy the collapsed high street chain to raise their bids.

Duff & Phelps has told buyers to up their bids by tomorrow to stand a chance, according to the Financial Times.

At least one bidder has been asked to increase their offer by “tens of millions”, a source told the FT.

Retail Week understands that the administrator expects to wrap up the bidding process this week, and is hoping to do so in the earlier part of the week.

Bidders for the business submitted their indicative bids last week.

Retailers that have shown an interest in BHS include B&M, Sports Direct and IKEA.

Tycoon Mike Ashley, who controls Sports Direct, has indicated he would keep all stores open and not make any redundancies.

Value powerhouse B&M and Ikea are thought to be interested in parcels of stores.

Edinburgh Woollen Mill owner Philip Day is also thought to be eyeing stores.