STRUGGLING retailer BHS has been sold by tycoon Sir Philip Green to a consortium of investors for a nominal sum. Sir Philip announced the deal yesterday, 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".