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 Home Care
Yorkshire and the Humber, UK

Offers a variety of services including domestic assistance, medication administration, companionship and palliative care, as part of a 24/7 service. Care Quality Commission with a rating of ‘Good’ in all domains. Contractually provides its services t...

Asking Price: Offers Invited
Turnover: £1,300,000

LEASEHOLD


Fast Food Chain Restaurant
UK Wide

Currently operates from a number of restaurants, all of which are situated in prominent trading locations and benefit from high levels of footfall. Long-standing brand with a multitude of excellent reviews online. All dishes are prepared in store by...

Asking Price: Offers Invited
Turnover: £6,100,000

FREEHOLD


Landscaping & Maintenance Services
Midlands, UK Wide

Specialises in commercial landscaping, maintenance, restoration and ecology services. Has won multiple awards throughout its time in operation. Embraces works of all sizes and complexities, undertaking a diverse range of projects and working to ensur...

Asking Price: Offers Invited
Turnover: £602,000

LEASEHOLD



View more businesses for sale

News Search

Latest News

 
09
 
Dec
 

Scunthorpe construction group call in administrators | ADMINISTRATION

Scunthorpe-based Clugston Group and Clugston Construction ha...

 
06
 
Dec
 

KPMG agrees to sell pensions arm | DIVISION SALE

Professional services network KPMG has announced that it has...

 
05
 
Dec
 

What a Labour government would mean for UK entrepreneurs | BUSINESS NEWS

Private business mergers and acquisitions expert Sue Green o...

Free guide: 10 Biggest Buyer Mistakes

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

Email


Related News

 
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 ...

 
15
 
Dec
 

Two pub companies enter administration | ADMINISTRATION

Mitchell’s of Lancaster (Brewers) Limited and York Bre...

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