Retail news round-up on January 26, 2015: Sir Philip Green to sell BHS; Mike Ashley in running to buy Evans Cycles; Card Factory considers Paperchase bid; and David Potts in pole position for Morrisons job.
Sir Philip Green to sell BHS
Sir Philip Green has put BHS up for sale after receiving a number of takeover bids for the loss-making retailer.
The retail tycoon has decided to cut loose the retailer from the Arcadia group after receiving several “serious approaches” for the business in the past months, according to The Sunday Times.
BHS has been part of Green’s Arcadia group, which also includes Tophshop, Dorothy Perkins, Miss Selfridge and Wallis, for around 15 years, but has haemorrhaged money since the recession.
Mike Ashley seeking to buy Evans Cycles
Sports Direct boss Mike Ashley is competing against a number of retailers in a bid to buy Evans Cycles.
Ashley is seeking to buy Evans Cycles, which could cost around £100m, in order to help Sports Direct expand into the lucrative cycling market, according to The Telegraph.
Halfords and Wiggle are also believed to have expressed an interest, while other private equity firms are believed to be weighing up a bid for Active capital-owned Evans Cycles.
Card Factory weighs up bid for Paperchase
Card Factory is considering placing a bid for upmarket rival Paperchase, according to The Telegraph.
Paperchase owner Primary Capital hired PwC and Financo last year in order to find a buyer for the company and is hoping to raise £150m for the sale.
It is understood Primary Capital wanted to await the results of Christmas trading before approaching potential buyers.
David Potts emerges as front runner to land Morrisons job
Former Tesco exec David Potts is in pole position to replace Dalton Philips as chief exec at Morrisons, according to The Mail on Sunday.
Sources told the paper the shortlist has been reduced to ‘four or five’ and one claimed they were “surprised that he hasn’t been announced already since it’s my understanding that he’s first in line for the job”.