Retail news round-up on August 24, 2015: Private equity firms team up to bid for Tesco’s Homeplus and BHS seeks £70m for revival.

Retail Week Breakfast Briefing

Private equity rivals form teams to bid for Tesco’s Homeplus

Private equity groups are eying Tesco’s South Korean Homeplus arm, valued at about $6bn (£3.8bn).

Asia’s Affinity Equity Partners has partnered with KKR & Co, while Carlyle Group has linked with Singapore’s GIC.

North Asia-focused private equity house MBK Partners will seek financing from South Korea’s National Pension Service to bid for Homeplus, according to reports.

BHS owners in talks to secure £70m funding

The new owners of department store chain BHS are seeking £70m in new funding by the end of September in a bid to revive the high street retailer.

Retail Acquisitions, which acquired loss-making BHS from Sir Philip Green for £1 in March this year, is in discussions with potential lenders including hedge funds about a loan secured against the company’s assets to implement turnaround plans, Sky News reported.

The BHS owner maintained: “We have said all along that we would refinance to help accelerate the turnaround plan for the UK business.

“Every penny raised will support the regeneration of our portfolio of stores, returning this iconic British brand to its rightful place on the high street.”

Hedge fund signs information-sharing deal with Phone 4U administrators

US hedge fund Cyrus Capital has signed a deal with the administrators of collapsed mobile phone retailer Phones 4U seeking access to confidential investigations of former directors, The Telegraph reported.

The agreement means Cyrus, along with Stonehill Capital Partners, would have inside details from PwC of how the chain imploded last year, setting the scene for a potential legal battle with private equity group BC Partners, which owned Phones 4U until its collapse.