The bid for BHS by former Burton and Mothercare Managing Director Greg Tufnell is close to completion. Part of the sale proceeds have been secured by the retail veteran alongside Swiss Banker Nick de Scossa and entrepreneur JosÃ© Bento, according to the Guardian.
Ongoing talks regarding the deal will continue until next Monday. An announcement of the result is likely to be made half way through next week.
While liquidators were prepared last week, the latest bid from the Portuguese-backed consortium plans to take on the British retailer’s entire 164 store estate and its 11,000 employees.
The funds come from the Dos Santos family currently leads the Portuguese supermarket group Jeronimo Martins, however any further investment in BHS is likely to be through the SFMS family holding company. While the funds are being provided by this family, Tufnell noted that they do not have any personal, direct involvement in the talks with BHS.
Tufnell’s offer is the most recent in a series of rescue bids including proposals made by Sports Direct Owner Mike Ashley and Matalan Founder John Hargreaves.
Two BHS suppliers also fell into administration earlier this week recording a further 350 job losses.