Wealthy foreign family named as potential bidder for BHS
A wealthy overseas investor is reportedly in talks to save the high street clothing store BHS.
The bidder has launched a new vehicle with the intention of taking over the ailing retail company within the next 48 hours, according to Sky News.
Sources speaking to Sky News could not confirm the exact identity of the bidder, but one suggested it could be an entity associated with Isabel dos Santos, the daughter of Angola's president.
Administrators Duff & Phelps are working to secure a buyer within the next two days. Other names reportedly interested in buying BHS include Matalan founder John Hargreaves, and Poundstretcher.
The confusion over the retailer's future comes as MPs probe into the sale and acquisition of the company. Later today, parliamentary committee hearings will examine the ties between Sir Philip Green and Goldman Sachs over the sale of the retailer for £1 last year.
Duff & Phelps intend to file a suit today against Dominic Chappell, who owns a 90 per cent stake in Retail Acquisitions, which bought BHS from Sir Philip Green last March.
Update: a previous version of this article said Sky News was informed of another dos Santos family as a potential bidder — a Portuguese family with interests in food and retailing. The representatives of the family have confirmed that they are not involved in any bid.