Struggling retailer BHS has been sold by tycoon Sir Philip Green to a consortium of investors for what is understood to be a nominal sum.
Sir Philip announced the deal nearly 15 years after buying the chain.
BHS, which has 171 stores and employs 11,000 staff, is being acquired by Retail Acquisitions. The value of the deal has not been disclosed.
The consortium is led by stockbroker Keith Smith, formerly of City firm Nabarro Wells, and also includes entrepreneur and former racing driver Dominic Chappell, as well as Spanish turnaround and oil distribution firm Olivia Petroleum.
Mr Smith said it was to appoint a BHS chairman with “significant retail experience”. It was reported that former Thomas Cook boss Harriet Green had been approached.
Sir Philip said he was pleased to have found a buyer keen to develop the brand and that he was confident Retail Acquisitions had a platform to grow the business and return it to profitability.
“Most of the senior management have been with BHS for a long time and know the business very well - I am confident that they will work seamlessly with the new owners to achieve the very best for BHS.”