BHS NEWS:
17 May 2016

BHS NEWS:

  • Matalan Founder in the running for potential BHS takeover
  • Administrators confirm they will only approve offer for entire BHS concern

It’s been hard to miss the news of the BHS administration, which has left more than 1,200 creditors awaiting payment and has been making headlines for the last few months. This week is no different, with two breaking news stories hot off the press…

Matalan Founder preparing potential BHS rescue bid…

1985 founder of Matalan, John Hargreaves has been revealed as one of the potential rescuers of BHS, as he works with one of the company’s rivals to put together a bid ahead of the bid deadline today (17th May 2016). Sources have also confirmed that the bid is not related to Matalan. Other bidders thought to be submitting bids todayinclude Philip Day, owner of Edinburgh Woollen Mill and Peacocks and Newcastle United owner Mike Ashley.

Administrators confirm bidders must take on full BHS concern

BHS Administrators Duff & Phelps have confirmed that bidders for the takeover of BHS must take the full business on as a going concern. Successful bidders will have to demonstrate that they can put in cash to the business, can take on all of the existing shops and assume the current debt liability. Hopefully, good news for the creditors who are awaiting confirmation of debt payments.