Struggling BHS sold to consortium for £1

BHS has been handed on to investors debt free. Credit: PA

Struggling retailer BHS has been sold by tycoon Sir Philip Green to a consortium of investors for just £1.

BHS, which has 171 stores and employs 11,000 staff, is being acquired by Retail Acquisitions.

The value of the deal has not been officially disclosed, but ITV News Business Editor Joel Hills revealed that the sum is £1, with "substantial" debts having been written off.

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 firm Olivia Petroleum.

Sir Philip said:

I am pleased that we have found a buyer in Retail Acquisitions Ltd who wants to develop the BHS brand. I am confident that Retail Acquisitions Limited have a platform to grow the business and return it to profitability.

– Sir Philip Green