The rescue of BHS has taken another twist as a late bid from a newly formed vehicle, Richess Group, has taken pole position.

According to The Telegraph, Richess Group, a Portuguese consortium led by a former Mothercare boss Greg Tufnell - brother of former cricketer Phil Tufnell, is thought to be the frontrunner to save BHS after John Hargreaves, the founder of Matalan, who joined forces with the owner of Select Fashions, Cafer Mahiroglu appeared to retreat its bid.

Sources suggest that the Richess Group is being backed by a wealthy Portuguese family, meanwhile if the process to find a buyer is not found by Friday 27 May, BHS is likely to be liquidated, putting the retailer’s 11,000 staff out of work.

The Telegraph also reported that liquidators Hilco, Gordon Brothers and Alteri are potentially lined up if a deal to save the national retailer falls through, with administrators stating that a sale is still hopeful.

BHS went into administration on Monday 25 April 2016, having reported debts of over £1.3bn, putting 11,000 jobs from its 164 store-estate at risk. Philip Duffy and Benjamin Wiles were appointed as Joint Administrators from restructuring firm Duff & Phelps.