New consortium enters fray to buy BHS empire

New consortium enters fray to buy BHS empire

Greg Tufnell, brother of former England cricketer and TV personality Phil, is reportedly leading the bid by Richess Group to secure control of retailer

A NEW CONSORTIUM  led by Greg Tufnell, the former Mothercare and Burton boss, has entered the fray to buy struggling retailer, BHS.

Tufnell, brother of former England cricketer and TV personality Phil, is reportedly leading the bid by Richess Group, in a battle to beat other hopefuls such as Matalan founder John Hargreaves, Select Retail owner Cafer Mahiroglu.

Other prospective buyers include Edinburgh Woollen Mill and Peacocks clothing retailer owner Philip Day, and Mike Ashley of Sports Direct and owner of Newcastle United Football Club.

The last minute bid is believed to have delayed a decision by administrators Duff & Phelps to announce a new buyer, widely tipped to have been announced this week.

The Richess Group is understood to be backed by a wealthy Portuguese family, alongside Nick de Sosa, a former investment banker and chief executive of Bristol rugby club.

Tufnell is a director of investment firm House of Britannia which counts brands such Cornella James – glovemaker to the Queen – among its portfolio.

Details of the bid emerged just two days after BHS auditor PwC was questioned over why it described the retailer as a ‘going concern’ just days before it was sold to a consortium with no retail experience for £1, during a joint business, innovation and skills and work and pensions committee hearing into the retailers collapse.

MPs expressed their concerns as to why PwC had been prepared to sign off the troubled retailer’s accounts as a going concern, when the spectre of possible insolvency was looming and visible to both the pension scheme trustees and the company itself.

Five days after the auditor’s report was formally signed off on 6 March 2015, BHS was sold to former bankrupt and racing driver Dominic Chappell of Retail Acquisition Consortium on 11 March.

 

Whitepaper

The Future of Finance is in the CFO's Hands

Business The Future of Finance is in the CFO's Hands

6m
Save a Week a Month Consolidating Accounts

Accounting Software Save a Week a Month Consolidating Accounts

7m
Mitigating Risk Through Internal Control

Legal Mitigating Risk Through Internal Control

7m
Could tax season have run more efficiently?

Corporate Tax Could tax season have run more efficiently?

8m

Related Articles

New research shows multidisciplinary firm structure to improve audit quality

Accounting Firms New research shows multidisciplinary firm structure to improve audit quality

2w Leanna Reeves
Thomas Cook: Case for investigation to be assessed by FRC

Accounting Firms Thomas Cook: Case for investigation to be assessed by FRC

3w Chris Jewers
Deloitte reports revenue rise of 10.9% to £3.97bn

Accounting Firms Deloitte reports revenue rise of 10.9% to £3.97bn

2m Chris Jewers
PwC accountant caught with 1700 upskirting images on phone

Accounting Firms PwC accountant caught with 1700 upskirting images on phone

3m Chris Jewers
FRC audit inspection finds no improvement on last year

Accounting Firms FRC audit inspection finds no improvement on last year

3m Chris Jewers
PwC forges maritime supply chain link with Pole Star

Accounting Firms PwC forges maritime supply chain link with Pole Star

1y Chris Warmoll, Writer
KPMG replaces PwC as Croda auditor

Accounting Firms KPMG replaces PwC as Croda auditor

2y Emma Smith, Managing Editor
FRC closes investigation into PwC over Barclays compliance

Accounting Firms FRC closes investigation into PwC over Barclays compliance

2y Alia Shoaib, Reporter