BHS could return to Britain’s high streets under the plans of the new Qatari owner of its international and online business.
The last 22 BHS department stores closed on Sunday, drawing down the curtain on the 88-year history of the retailer founded with a store in Brixton, south London.
Al Mana group, which is based in Doha, is considering opening new BHS branches in the UK after buying the brand as part of its deal for the international and online business.
It is understood that Al Mana is looking for a partner that could operate the stores in the UK, potentially through a franchise model. The stores would most likely be positioned as more upmarket than BHS before its collapse and only a handful would be opened, according to sources close to the company.
Al Mana runs stores for Harvey Nichols, Zara and Mango in the Middle East. In June it bought 70 overseas BHS stores and the online business, which employs around 150 people, out of administration. The terms of the deal were not disclosed.
Despite BHS’s struggles, the international and online divisions were considered the best-performing parts of the retailer.
BHS collapsed into administration in April, leading to the loss of around 11,000 jobs and leaving a pension deficit of £571m.
The Insolvency Service, the Financial Reporting Council and The Pensions Regulator are investigating the demise of the retailer. The Serious Fraud Office is considering whether the launch a formal investigation.
The parliamentary committee that investigated BHS concluded that Sir Philip Green and Dominic Chappell, the former owners of the company, had overseen the “systematic plunder” of the business.
Green and his family owned BHS for 15 years until they sold it in March 2015 for £1. Green and other investors collected £586m in dividends, rent and fees from BHS. Chappell’s consortium Retail Acquisitions then banked at least £17m from BHS despite owning it for just 13 months.
Green pledged to “sort” the problems facing the BHS pension scheme when he appeared in front of MPs. Talks with The Pensions Regulator about a deal are thought to be continuing, but it could take months to reach a settlement.
Al Mana did not respond to requests for comment.
