New BhS owners are looking for £70M to finance revival

Retail Acquisitions, the new owner of department store chain BhS seeks for funding of 70 million pounds several months after buying it. The new owners are now talking with prospect providers for additional funds that would help them transform the iconic brand.

The new management plans to find a deal that would help them provide up to £70 million in funding before October. People who know BhS said, however, that the upcoming funds do not mean a looming financial distress for the business.

Talks of Retail Acquisitions with potential financial partners are likely to end with a deal soon. A spokesman for the investment vehicle said that they are willing to look for financial support in order to help hasten the revival plan for the British business. He added that they are thrilled to say that big financial companies are also looking forward to the business' future as much as they are.

All the funds that will be raised will help finance the restoration of the stores, placing the business back on high streets.

BhS runs 171 stores in the UK alone plus 78 abroad. However, its main shop on Oxford Street on London was forced to be remortgaged since its acquisition from Sir Philip Green. The business tycoon ran BhS for fifteen years and he said on a statement for BBC that among his requirements in looking for a buyer was commitment to bring the business back into place.

Chief executive of BhS, Darren Topp, is currently going forward into food retailing despite other bigger rivals. Topp also confirmed that he has agreed with various businesses that will enable them to reinforce the stores' other areas.

Plans of expansion to other places such as Africa and the Middle East are also pending.

BhS was acquired by Retail Acquisitions from Arcadia tycoon Sir Philip Green for £1 last March.