Reports have emerged that a Qatari group has purchased BHS’ international and online assets.
According to Sky News, Al Mana – already runs some of BHS’s overseas shops under a franchise agreement – has agreed to acquire more than 70 shops as well as its website.
The acquisition is the first to be signed by Duff & Phelps since it was appointed administrator of the collapsed high street giant in April.
While the sale, which Sky News says would be confirmed on Friday, will bring some return to creditors, the amount being paid by Al Mana is not yet known.
It is also unclear what impact this sale would have on the 10,000-plus staff who work in BHS’ head office and 164 shops across the UK.
Duff & Phelps is reportedly still in discussions with prospective buyers for some of BHS’s other stores.
Al Mana also has licensing agreements with other British retailers like HMV.
The stricken high street giant has led to an ongoing parliamentary inquiry and demands for Sir Philip Green – the former owner of BHS who sold it to former bankrupt Dominic Chappell for £1 last year – to find a solution to the giant pension deficit.
The inquiry has seen some of the City’s most powerful figures dragged into the furore to provide evidence, including Goldman Sach’s most senior Europe banker Michael Sherwood.