BHS’s former owner Dominic Chappell said talks with US investors were at a “mature” stage as he plans a bid to buy the beleaguered chain.
Chappell, the majority shareholder of Retail Acquisitions – which bought BHS for £1 last year from retail tycoon Sir Philip Green – told the BBC the administrator had been informed of his plan. He has reportedly expressed interest in buying the whole group minus 40 loss-making stores.
However, sources told the BBC that Chappell’s offer had “limited credibility”.
In a letter to staff, Chappell said: “It is with a deep heart that I have to report, despite a massive effort from the team, we have been unable to secure a funder or a trade sale.”
B&M eyes stores
The BHS administrator has reportedly received 50 expressions of interest in the company.
B&M is among the retailers eyeing the stores. Simon Arora, the boss of the Liverpool-headquartered value chain, told Retail Week: “There are a number of [BHS] stores we would be able to profitably trade. We are currently assessing the information.”
Meanwhile, Her Majesty’s Revenue & Customs (HMRC) issued a warning notice last week for BHS to pay an outstanding £2.6m VAT bill within seven days, Sky News reported.
Sources have also claimed the company was facing a demand for a further £10m in VAT following the sale of its Oxford Street store, which would have been due at the end of June.