With the latest in a phalanx of potential buyers withdrawing their interest, including Matalan founder John Hargreaves, hopes are now pinned on the Richess Group, headed by Greg Tufnell agreeing terms to acquire BHS. Reports are that if deal isn’t done by Friday 27th May all stores will be shuttered and 11,000 jobs lost when BHS enters administration. Many are likening this threat to the closure of the Woolworth store chain which was devastating for UK high streets. Tufnell comes to the table with the credibility of a past background in retail as he was managing director of Mothercare between 1997 and 2000 and has also worked at Burton. He now heads investment firm House of Britannia and is working with Nick De Scossa in the Richess Group consortium, which has strong backing, to acquire BHS.
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