• The bid is understood to be funded by the Dos Santos family
  • The consortium has reportedly already paid for a portion of the sale
  • The ongoing talks would likely comprise all of BHS’s 164-strong store estate

The rescue deal for BHS, spearheaded by former Burton and Mothercare executive Greg Tufnell, is understood to be nearing completion.

A consortium, led by Tufnell alongside Swiss banker Nick de Scossa and entrepreneur José Maria Soares Bento, is understood to have put down a portion of the sale proceeds for the beleaguered department store chain, according to The Guardian.

Talks over the deal are expected to continue to next Monday, with an announcement on the outcome delayed until the middle of next week.

Liquidators were reportedly lined up last week in the event that a buyer for BHS was not found. However, the latest rescue bid, which would likely take on the entirety of the struggling department store retailer’s 164 stores and comprise tens of millions of pounds, are reportedly progressing well.

The funds for the rescue bid have reportedly been provided by the Dos Santos family – which owns Portuguese supermarket group Jerónimo Martins.

Tufnell said earlier this week that the Portuguese family were providing the capital for the bid, but representatives for the family have said they are not involved in talks to rescue the department store retailer.

The Tufnell-led consortium is the latest in a series of rescue bids for BHS including offers from Matalan founder John Hargreaves and Sports Direct owner Mike Ashley.

The 88-year old retailer collapsed into administration last month as revealed by Retail Week, putting 11,000 jobs at stake and leaving a £571m pension deficit.

Earlier this week, two former suppliers for the embattled retailer entered administration causing 350 job losses.

The suppliers cited the collapse of the department store chain as the leading cause for their demise.