Administrators of BHS have confirmed that its online and overseas part of the business has been sold to Almana Group.
According to market sources, Almana Group, based in Doha, have acquired 70 overseas stores for an undisclosed sum, with administrators, Duff & Phelps continuing to negotiate the future of the 164 UK stores.
Currently BHS stores are continuing to trade with closing down sales on going as Duff & Phelps seeks a buyer as a going concern, with Sports Direct and Primark rumoured to be among the possible bidders interested in taking more than 50 UK stores from the BHS Group.
BHS went into administration on 25 April 2016, having reported debts of over £1.3bn, putting 11,000 jobs at risk. Philip Duffy and Benjamin Wiles were appointed as Joint Administrators from restructuring firm Duff & Phelps.
Recently, the Pension Protection Fund (PPF) backed the appointment of a second administrator, FRP Advisory, to assist with investigations into the behaviour of former BHS directors, with the company having a pension deficit £571m.