Administrators to select BHS buyer

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A preferred buyer for beleaguered High Street retailer BHS was expected to be picked today, four weeks after the chain collapsed into administration.

The selection of a buyer — which could be confirmed by Wednesday — by administrator Duff & Phelps comes at the same time as it emerged that lawyers have been hired by the firm to launch a High Court suit against serial bankrupt Dominic Chappell, a former owner of the failed retailer. 

The law suit will target Chappell, who led Retail Acquisitions — BHS’s most recent owner until its collapse last month, 13 months after being sold by tycoon Sir Philip Green.

The legal action is focused on the former racing driver allegedly not co-operating with its investigation into the retailer’s collapse, according to the Sunday Times.

Duff & Phelps and Chappell did not comment.

A bidding war to buy the chain is nearing an end. Offers include one led by Matalan founder John Hargreaves and another from an unnamed private equity house.

Witnesses today gave evidence to Parliament over BHS’s collapse.

Source Article from http://www.standard.co.uk/business/administrators-to-select-bhs-buyer-a3254641.html

May 23, 2016 |
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