Member Article

Sir Philip Green considers BHS takeover offers

Topshop owner Sir Philip Green is considering selling the department store chain BHS after receiving “several approaches” according to the BBC.

BHS is part of the Arcadia Group, controlled by Sir Philip, and was founded in 1928 in London’s Brixton.

Sir Philip bought BHS in 2000 for £200 million from Storehouse.

But the chain has unprofitable stores and the 2013 accounts show that it expected to lose more than £10 million on BHS stores that were failing to cover their costs.

The firm has 180 stores and employs almost 12,000 staff, however the chain has been struggling.

In 2013 BHS lost £69.6 million on sales of £675.7 million, which was down 3.5% on the previous year.

An Arcardia spokesperson said: “We have had several approaches on BHS over the past few months. It is now the company’s plan to explore whether any of these can be brought to a conclusion.”

While TopShop has been a success story and has been expanding overseas, analysts say that BHS has been losing ground.

This was posted in Bdaily's Members' News section by Clare Burnett .