Retail Acquisitions seeks 70 million pounds to revive BHS

The new owners of high street fashion chain BHS are said to be in discussion with potential new backers in the hopes of raising up to 70 million pounds in funding.

Retail Acquisitions, the small consortium which previously bought the struggling chain for 1 pound from Sir Philip Green, is in talks with a number of possible providers who can offer additional debt facilities, including an unidentified hedge fund, according to Sky News.

Michael Hitchcock, Moss Bros finance director, is currently acting as a consultant to the company as Retail Acquisitions continues to roll out its aggressive turnaround strategy. The consortium aims to sign an agreement for new financing by the end of next month, when rent bills are due across the high streets, and is positive that current discussions will lead to a new deal in the imminent time.

A spokesman for Retail Acquisitions confirmed the talks. "We have said all along that we would refinance to help accelerate the turnaround plan for the UK business. 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. We are excited about the future and are pleased that major financial companies share our optimism."