An attempt to secure a rescue package last week failed, putting around 11,000 jobs at risk. With 164 stores across the UK, the retailer has a total debt of £1.3bn and a pension deficit of £571m which could be bailed out by the government-backed Pension Protection Fund.
The company was sold by Arcadia Group chairman Sir Philip Green in 2000 for just £1 to a group of city investors called Retail Acquisitions as the brand struggled against more fashionable high street competition from the likes of Primark and H&M. Green had originally bought the chain for £200m in 2000.
Weil London head of restructuring Adam Plainer has advised BHS alongside restructuring partner Mark Lawford.
Duff & Phelps has been named as administrators to BHS. DLA Piper will advise the restructuring firm led by Leeds-based partner Colin Ashford.
The firm is a longstanding adviser to Duff & Phelps, working alongside administrators on the sale of tourist attraction Fantasy Island in Skegness as a going concern to the international leisure group Mellors Group earlier this year.
DLA also advised Duff & Phelps on the restructuring and sale of a group of five property owning companies to Starwood Capital Group in 2015 and the sale of Sceptre Leisure to the Gauselmann Group in the same year, in a transaction which saved over 350 jobs.