BHS Online, Overseas Stores Sold To Qataris

Administrators to BHS have secured the first sale of the stricken department store chain's assets by striking a deal for its international and online operations.

Sky News has learnt that Al Mana, a Qatari group which runs some of BHS's overseas shops under a franchise agreement, has agreed to acquire more than 70 stores as well as its website.

The deal, which is expected to be announced on Friday‎, is the first to be signed by Duff & Phelps since it was appointed as BHS's administrator in April.

It (Other OTC: ITGL - news) will guarantee a further return to creditors although the price being paid by Al Mana was unclear on Thursday.

The Qatari company, which also has licensing agreements with other British high street‎ names such as HMV, is understood to have been in talks with Duff & Phelps for several weeks.

While the deal represents the first piece of good news for BHS's creditors since the chain's controversial collapse, it will do little to reassure more than 10,000 British-based staff who work in the company's head office and 164 shops.

Weeks of talks with prospective buyers, including Mike Ashley, the tycoon who runs Sports Direct, failed to result in a rescue deal, although Duff & Phelps remains locked in discussions with prospective buyers for some of BHS's stores.

The chain's demise has sparked a parliamentary firestorm and led to demands for Sir Philip Green, BHS's former owner, to pay hundreds of millions of pounds to resolve a giant pension deficit.

The ensuing inquiry by two committees of MPs has dragged in some of the City's biggest names and some of the wealthiest figures in British business.

‎Sources said it was possible that the announcement of the international and online sale to Al Mana could be brought forward to later on Thursday.

Last week, FRP Advisory, another professional services firm, was appointed as joint administrator with a mandate to investigate the conduct of former BHS directors.

Recriminations between Sir Philip and his allies and Dominic Chappell, the man he sold BHS to for £1, have produced one of the most extraordinary acts of corporate theatre in recent years.

In addition to parliament, the Pensions Regulator, Financial Reporting Council and Insolvency Service are all undertaking BHS-related probes.

Duff & Phelps could not be reached for comment.