Mon, 26 Jan 2015 | BUSINESS SALE
Sir Philip Green is considering offers to takeover struggling department store chain BHS.
BHS was initially founded in Brixton in 1928, and is now part of Arcadia Group, which is controlled by Green. Several approaches for the chain are now being considered.
An Arcadia spokesperson commented: "We have had several approaches on BHS over the past few months. It is now the company's plan to explore whether any of these can be brought to a conclusion."
The news comes after poor financial results in November last year, where BHS reported losses of £21 million in the year to the end of August 2014. This figure was higher than the £19.3 million deficit seen in the previous year.
Previous interest in the department store chain has been seen from South African billionaire Christo Wiese, who – with former Asda chief executive Andy Bond – formed discount family fashion chain Pep & Co.
Independent retail analyst Nick Bubb said: "BHS has been driven into the ground by the competition from Primark and by its own addiction to discounting. The losses at BHS now risk dragging down the whole of Arcadia, so it is not surprising that the great man is now trying to cut it loose."
He added that it remains to be seen how much the department store chain will be worth to a potential buyer.
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