THE NEW OWNERS of BHS are embarking on a £70m refinancing project in a bid to revitalise the struggling high street chain.
Retail Acquisitions, a consortium comprising an eclectic mix of investors including former racing driver Dominic Chappell, are seeking a £70m loan by the end of September when its next round of rent payments is due.
It is understood that the new financing is not a lifeline, and instead earmarked for turning the business around, Sky News reports.
In a statement, Retail Acquisitions confirmed the refinancing 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.”
BHS operates 171 stores in the UK and 78 abroad, although it has been forced to remortgage its flagship store on London’s Oxford Street since buying the chain from Sir Philip Green’s Arcadia Group for £1.