Administrators for BHS have announced that any bidders interested in purchasing the trouble retailer outfit would have to make an offer for the entire 164 store chain.
Administrators for BHS have announced that any bidders interested in purchasing the trouble retailer outfit would have to make an offer for the entire 164 store chain.

Big names in the ring include Sports Direct tycoon Mike Ashley - who is rumoured to have been outbid by rivals including Edinburgh Woollen Mill and Peacocks owner Philip Day. There is also an anonymous European backer in the mix, as well as a consortium headed up by Matalan founder John Hargreaves, who has reportedly joined forces with Turkish businessman Cafer Mahiroglu, who owns Select Retail. According to The Guardian, Mr Hargreaves spent hours meeting senior management and BHS staff this week.

According to The Telegraph, property millionaire Yousuf Bhailok has withdrawn his interest as a result of the administrators' announcement, not wanting to take on the entire portfolio of stores, which includes 40 loss-makers. It comes after administrators Duff & Phelps reportedly told interested bidders they would "need to increase their offers" by "potentially tens of millions."

Mr Bhailok told The Telegraph: "Caution has to be exercised in light of certain risk factors as far as the overall level of the bid. We believe we have to keep within our parameters if we were to successfully revive the vast majority of the operation."

A successful bid would not only take on all BHS stores, but would also absorb its £85m debt, although its infamous £571m pension deficit would be taken on by the Pension Protection Fund.