The founder of Matalan John Hargreaves has been working with Select Fashions owner Cafer Mahiroglu on a bid for BHS.

The high street giant has been on life support since falling into administration last month. The bidding deadline was 5pm today, with interested parties having been warned by administrators Duff & Phelps that their offers would have to be for the entire estate.

According to The Sun, Hargreaves and Mahiroglu have a five-year turnaround plan to make BHS “young and relevant again”, along with £80m to fund it, financed separately from the companies each businessman represents.

They plan to save between 120 to 130 stores, and by extension around half of the 11,000 jobs that were put at risk when BHS tumbled into administration. They also intend to expand the chain‘s range of electronics and food.

The two are understood to have met with administrators for the third time earlier today.