BHS faces liquidation as rescue bids fail

Fri, 03 Jun 2016 | BUSINESS SALE

BHS faces going into liquidation after administrators Duff & Phelps said it had “not been possible” to agree a sale with the leading potential buyer.

The administrators were expected to announce that a deal had been sealed with a consortium led by Greg Tufnell, a UK retail veteran. However, representatives at Duff & Phelps said it had “not been possible” to reach an agreement with Mr Tufnell’s consortium because the prospective buyer failed to prove that it had the “working capital” to successfully complete the deal.

A statement by Duff & Phelps was issued to the media regarding the shock announcement: "Despite the considerable efforts of the administrators and BHS senior management, it has not been possible to agree a sale of the business.

“Although multiple offers were received, none were able to complete a deal due to the working capital required to secure the future of the company.”

Now the 88-year old high street chain has been placed in the hands of three liquidation companies — Alteri, Hilco and Gordon Brothers — as they look to sell off assets from the company’s 163 UK stores. The closure of BHS will also result in the loss of around 11,000 jobs. The retail chain’s demise will represent the biggest high street failure since Woolworths collapsed in 2008.

John Hannett, a representative of the retail union Usdaw, spoke to the BBC about the situation at BHS: "There are serious questions about the pension deficit, serious questions about why [Duff & Phelps] were not able to find a successful business owner when we know a number [of potential buyers] expressed an interest. So we need to unravel how we got to this situation.”

For more information, see the latest businesses in liquidation.


Share this article



Latest Businesses for Sale

Provider of Fabrication Services
North East, UK

Provides a range of fabrication services, manufacturing specialist components for a diverse client base. Each process is overseen by the business, including design, project management and installation. Offered for sale to facilitate growth under the...

Asking Price: Offers Invited
Turnover: £3,100,000

LEASEHOLD


Refrigeration Solutions Company (Fast Sale)
North of England, UK Wide

Indicative offers are required by close of business Friday 3rd April. The Business is able to produce cost effective robust solutions to companies predominately within the food and drink industry. Established refrigeration solution business. Strong y...

Asking Price: Offers Invited
Turnover: £300k - £1m

Educational Workshop Machinery Design, Supply & Installation
UK Wide

The business is a very well-established supplier to into the Education Sector, with additional links to The Prison Service, Hospitals, Theatres and Care Homes, all providing excellent opportunities for growth. Offers invited.

Asking Price: Offers Invited
Turnover: £1,600,000

LEASEHOLD



View more businesses for sale

News Search

Latest News

 
27
 
Mar
 

Addison Lee acquired by consortium of investors | BUSINESS SALE

Addison Lee Group, London’s biggest private care hire ...

 
26
 
Mar
 

Leicestershire building products firm enters administration | ADMINISTRATION

Leicestershire-based System Building Products Limited has en...

 
25
 
Mar
 

Kaupthing plans sale of Oasis and Warehouse | BUSINESS SALE

Icelandic-owned UK women’s fashion retailers Oasis and...

Free guide: 10 Biggest Buyer Mistakes

Sign up to receive our acquisition alert emails to get your FREE guide

Email


Related News

 
10
 
Mar
 

Oddbins administrators remain optimistic of sale | BUSINESS SALE

Administrators of the parent company of high-street wine mer...

 
02
 
Feb
 

High street wine retailer Oddbins enters administration | ADMINISTRATION

Off-licence chain Oddbins has gone into administration. Its ...

 
22
 
Jan
 

Jewellery retailer enters administration | ADMINISTRATION

A Nottingham-based jewellery and watches company has fallen ...

Want access to the latest businesses for sale?

Business Sale Report is your complete solution to finding great acquisition opportunities.

Join today to receive:

  • Comprehensive range of businesses for sale
  • Make direct contact with business sellers or their intermediaries
  • Access to all UK administrations, liquidations and winding-up petitions
  • Daily email alerts for the latest businesses for sale & distressed notifications
  • Business Sale Report publication posted to you every month
  • Advertise your acquisition requirements on our "business wanted" section

All this and much more, including the latest M&A news and exclusive resources