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BHS put up for sale by Sir Philip Green

RBR Staff Writer Published 27 January 2015

British high street chain BHS from Arcadia Group is up for sale after posting a sales dip and pre-tax loss of £69.9m.

BHS

Confirming the move, a spokesperson for Arcadia said: "We have had several approaches over the past few months. It is now the company's plan to explore whether any of these can be brought to a conclusion."

Arcadia Group, owned by Sir Philip Green, has already started receiving approaches for the struggling chain. Though Arcadia won't divulge the details, sources familiar with the matter say that Primark, Aldi, Lidl and discount fashion venture Pep & Co, are among the ones who have reportedly shown interest in buying BHS.

Sir Philip bought BHS in 2000 for £200m from the Storehouse Corporation. Arcadia also owns other brands as Topshop, Dorothy Perkins and Miss Selfridge.

Financial Times reports that any potential buyer will benefit from the acquisition as chain is debt free, owns few properties in prime locations and already has permits for food use in a number of stores.

With more than 185 stores, BHS would be the first major sale by Sir Philip, reports Independent.

Industry sources say that BHS has failed to keep up with shoppers' tastes over the years, leading to sagging sales. BHS posted a £69.6m pre-tax loss in 2013, with sales declining 3.5% to £675.7m, due to bail out of failing stores.

Image: BHS store in Kirkgate, Wakefield, West Yorkshire. Photo courtsey of Wikipedia.