Foreign bidder enters race for BHS

An overseas bidder has emerged as the UK looks abroad to the saving of its high street clothing chain BHS.

The news comes amid confirmation BHS's administrators Duff & Phelps are to file a suit against former owner Dominic Chappell.

The not yet disclosed bidder has launched a new vehicle with the intention of taking over the ailing retail company within the next 48 hours, according to Sky News.

Sources speaking to Sky News could not confirm the exact identity of the bidder, but one suggested it could be an entity associated with Isabel dos Santos, the daughter of Angola's president.

Another source suggested that the mystery name is an unrelated dos Santos family — a Portuguese family with interests in food and retailing across Portugal, Poland and Colombia.

Administrators Duff & Phelps are working to secure a buyer within the next two days. Other names reportedly interested in buying BHS include Matalan founder John Hargreaves, and Poundstretcher.

Image:BHS