Sports Direct Mike Ashley outbid for BHS

Mike Ashley, owner of the UK's largest sporting goods chain, Sports Direct, is said to have been outbid in the race for collapsed high street retailer BHS.

The billionaire is understood to have out in a "low-ball" offer for BHS, which was surpassed by rivals which include Philip Day, boss of the Edinburgh Woollen Mill and John Hargreaves, founder of discount retailer Matalan according to the Guardian.

It seems as if administrators Duff & Phelps were keen on an offer placed by the consortium led by Hargreaves, who partnered up with Cafer Mahiroglu, owner of Select Retail, a late bid. The Matalan founder is said to have spent several hours meeting with the senior management and staff at BHS on Tuesday, prior to the bid deadline.

Ashley's bid is also believed to be less than that from Day, as well as a mystery fourth bidder, rumoured to be either a European retailer or a finance house. Administrators are predicted to finalise a deal on BHS sometime next week, later than the previously expected deadline of this weekend.