Retail Acquisitions, which bought the retailer from Sir Philip Green in March, secured a £65m loan from investment group Grovepoint Capital against a small number of BHS stores. The loan will be used to speed up the turnaround to avoid an impending rental bill. After the rental payment, BHS will have a working capital of more than £85m. The funds will also help modernise the stores, rebrand them from BHS to British Home Stores and expand the online business and overhaul its distribution network.
Michael Hitchcock, former Moss Bros Finance Director and Beale’s Chief Executive, is an acting consultant to Retail Acquisitions during BHS’s turnaround. It is hoped that the money raised will return this iconic British brand to its rightful place.