New BHS owners seek £70m to rescue troubled chain

The new owners of BHS are seeking to secure a £70 million refinancing package to help turn around the troubled retail chain bought from Sir Philip Green earlier this year.

Retail Acquisitions, a consortium chaired by former City financier Keith Smith, is in talks with a number of lenders, including hedge funds, to raise the funds it needs to implement future plans, reports Sky News.

"We have said all along that we would refinance to help accelerate the turnaround plan for the UK business,” the company said in a statement.

"Every penny raised will support the regeneration of our portfolio of stores, returning this iconic British brand to its rightful place on the high street.

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"We are excited about the future and are pleased that major financial companies share our optimism.‎"

Sir Philip Green sold BHS to Retail Acquisitions for £1 in March, bringing his 15-year ownership of the business to an end.

At the time, he said the retailer, which has 171 store sites throughout the UK, has been handed over in “a sound financial position” with “significant cash balances and banking facilities” in place.

“I am pleased that we have found a buyer in Retail Acquisitions who wants to develop the BHS brand. Having acquired the business nearly 15 years ago in May 2000, one of my clear objectives in identifying a purchaser was ensuring their desire to take the business forward,” he added.

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