BHS potentially saved by Sports Direct boss Mike Ashley

BHS may have found a potential life saver in the form of Sports Direct boss, Mike Ashley.

It has been stated that Ashley’s interest in BHS would only remain if it could be confirmed that there will be no job losses and all stores would remain open.

Interest from Ashley, founder of Edinburgh Woollen Mill, Philip Day, Peacocks and property owner Yousuf Bhailok has led to a deal potentially being found that could prevent BHS from leaving the high street altogether. B&M are also showing interest in 164 stores and there has been around 50 “expressions of interest” from the Co-operative Group chairman, former Asda chief executive Allan Leighton, and South African retail billionaire Christo Wiese.

BHS’s excellent store locations have the potential to be rented or sold and administrators are set to open the BHS books this week, letting potential buyers study the financial details as long as they sign a confidentiality agreement.

BHS has suffered from years of under-investment, after former owners extracted more than £400m in dividends in order to pay for their salaries and the BHS pension fund has a deficit of £571m, although staff have been reassured by administrators that they will be paid on time whilst they try to find a buyer.

Sir Philip Green and wife Lady Green will be asked to give evidence to MPs about the collapse of BHS.