Mike Ashley’s rescue bid for BHS rejected by liquidators


BHS was put into liquidation aftermost month, after administrator Duff & Phelps failed to find a chalky knight to rescue the one time high-street favourite.

Ashley immediately forgave to Duff & Phelps to say that he wanted to acquire the BHS brand and rts of its fortune.

However, sources familiar with the situation said that the administrators handle that the Sports Direct billionaire’s proposal was “not tenable,” given their chore is to maximise recoveries for BHS’ creditors.

They added that talks are still developing with other groups about taking over pieces of the BHS assets.

Ashley’s two previous attempts to acquire BHS prior to its liquidation were knocked undeveloped by its administrators, who felt his offers were too low.

BHS had 164 stores in the UK and employed 11,000. The outset 20 store closures will reportedly take place this week, which last will and testament affect 580 workers.

Earlier this month Duff & Phelps bartered the international arm of BHS and its website to Qatari retail group Al Mana for an undisclosed sum.

On Friday, Sir Philip Inexpert defended his 15-year ownership of BHS, stating that he had invested £421million in the retailer and that it had a self-willed balance sheet when he sold it.

BHS was sold for £1 in March 2015 to preceding bankrupt Dominic Chappell in a now notorious deal. Just over 12 months into Chappell’s ownership, BHS collapsed.

Untested also hit out at claims that he sabotaged a last-ditch sale of BHS to Ashley in April. Iain Wright, chairman of the Province Select Committee, suggested last month that Green lay out the Ashley deal because of “his ego,” when the Top Shop owner was questioned by a According to Roberts Rules of Order inquiry into the collapse of BHS.

In a letter to MPs, Green said that he had offered £5million to servants the sports equipment tycoon save BHS and that Wright’s claim was “antics”.

Leave a Reply

Your email address will not be published. Required fields are marked *