BHS Tell Bidders To Improve Offers

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BHS Tell Bidders To Improve Offers

BHS tell bidders to improve their offers before the 17th of May in order to be in with a chance of winning the high street retailer, with one bidder being asked to increase their bid by « tens of millions. »

Several bids were made in the past week but BHS administrators are adamant that they can get a higher offer for the struggling business, with confidence that a decision can be made within the next few days.

Mike Ashley, founder of Sports Direct, has shown interest in BHS since it announced its collapsed and promised to keep all 164 stores and 11,000 staff if he won. Other bidders include Philip Day, owner of the Edinburgh Woollen, Peacocks, B&M and Yousuf Bhailok, a property entrepreneur who recently requested a loan guarantee from the government, which is understood to have been rebuffed.

Dominic Chappell’s Retail Acquisitions vehicle, which bought BHS from Sir Philip Green for £1, a year before the chain fell into administration, has also submitted an offer.

The collapse has left a £571m pension deficit, which is having to be absorbed by a government-mandated rescue fund, and has put 11,000 jobs at risk, something that has caused Sir Philip Green and his wife to be questioned.

Anthony Gutman, a senior Goldman Sachs banker who is reported to have advised Sir Philip on the sale, is likely to be questioned on the chain’s collapse.

BHS Tell Bidders To Improve Offers

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Written by Shannon Blanks

Shannon has recently graduated from the University of Westminster where she studied Fashion Merchandise Management. She loves to travel and seek out hidden spots in London. She can be found writing the latest news and keeping you up to date and in the know.

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