Future of BHS set to be decided today

An answer is due today over whether BHS will be saved or sink into highstreet history.

BHS Crawley, in the Mall. Pic: Steve Robards
BHS Crawley, in the Mall. Pic: Steve Robards

Big brands have been reported as potential buyers, including Matalan founder John Hargreaves and Sports Direct founder Mike Ashley, during the administration process so far.

However now the leading candidate is the little known Richess Group, linked to a rich Portugese family and fronted by the brother of cricketer Phil Tufnell.

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Greg Tufnell’s retail background spans three years at Mothercare as managing director, but he stepped down from that role 16 years ago.

The fact he hasn’t ‘done anything on that scale since’ is reported by the BBC to be a reason administrators are ‘less comfortable with this last bid’ and have extended the ‘period of due diligence’.

This has led some experts to state it is ‘still possible they could take a lower bid from a more familiar face’.

Along with the 11,000 jobs hanging in the balance, administrators Duff and Phelps also have to consider the people owed money by BHS.

Recovering the most for the creditors, even if it means selling it ‘brick by brick in a liquidation’, is therefore the aim.

The BBC also states former owners Sir Philip Green and Dominic Chappell ‘will also have their fingers and toes crossed’ as they are due to appear before parliamentary committees to answer questions on their role in the collapse of BHS.

It concludes ‘today they will be hoping for a happy ending’.