This article is from the source 'bbc' and was first published or seen on . It last changed over 40 days ago and won't be checked again for changes.
You can find the current article at its original source at http://www.bbc.co.uk/news/business-36374603
The article has changed 5 times. There is an RSS feed of changes available.
| Version 1 | Version 2 |
|---|---|
| Last-minute bid for BHS as liquidation threat looms | Last-minute bid for BHS as liquidation threat looms |
| (about 9 hours later) | |
| A consortium led by a former Mothercare boss is thought to be the frontrunner to rescue BHS. | A consortium led by a former Mothercare boss is thought to be the frontrunner to rescue BHS. |
| Greg Tufnell, brother of former England cricketer Phil Tufnell, is leading Richess Group, a newly formed vehicle. | Greg Tufnell, brother of former England cricketer Phil Tufnell, is leading Richess Group, a newly formed vehicle. |
| Other bidders, including Matalan founder John Hargreaves, are understood to have fallen out of the running. | Other bidders, including Matalan founder John Hargreaves, are understood to have fallen out of the running. |
| Sources close to the process say that if no buyer is found soon, BHS is likely to be liquidated, putting the retailer's 11,000 staff out of work. | |
| Administrators for the department store chain had hoped to strike a deal by the start of this week, but the emergence of the last-minute bid has delayed the process. | Administrators for the department store chain had hoped to strike a deal by the start of this week, but the emergence of the last-minute bid has delayed the process. |
| The Telegraph reported that the Richess Group is thought to be backed by a wealthy Portuguese family. | The Telegraph reported that the Richess Group is thought to be backed by a wealthy Portuguese family. |
| Greg Tufnell was managing director of Mothercare from 1997 to 2000 and held a similar role at Burton, part of the Arcadia Group, for three years before that. | Greg Tufnell was managing director of Mothercare from 1997 to 2000 and held a similar role at Burton, part of the Arcadia Group, for three years before that. |
| He is a director of House of Britannia, an investment firm that owns brands including glovemaker Cornella James, which counts the Queen among its customers. | He is a director of House of Britannia, an investment firm that owns brands including glovemaker Cornella James, which counts the Queen among its customers. |
| Advisers questioned | Advisers questioned |
| Mr Tufnell is working with Nick De Scossa, a former investment banker and chief executive of Bristol rugby club. | Mr Tufnell is working with Nick De Scossa, a former investment banker and chief executive of Bristol rugby club. |
| The development comes as MPs on the Business and Work and Pensions select committees prepare on Wednesday to question advisers to Retail Acquisitions, which bought BHS last year for £1 from Sir Philip Green, as well as the BHS pension fund trustees. | The development comes as MPs on the Business and Work and Pensions select committees prepare on Wednesday to question advisers to Retail Acquisitions, which bought BHS last year for £1 from Sir Philip Green, as well as the BHS pension fund trustees. |
| At a hearing on Monday, the MPs were told by Goldman Sachs banker Anthony Gutman that he had told a key executive from Sir Philip's company about the risks of selling BHS to Dominic Chappell, owner of Retail Acquisitions. | At a hearing on Monday, the MPs were told by Goldman Sachs banker Anthony Gutman that he had told a key executive from Sir Philip's company about the risks of selling BHS to Dominic Chappell, owner of Retail Acquisitions. |
| Mr Gutman said he had told Paul Budge, finance director of Arcadia, about Mr Chappell's history of bankruptcy and lack of retail experience. | Mr Gutman said he had told Paul Budge, finance director of Arcadia, about Mr Chappell's history of bankruptcy and lack of retail experience. |