Overseas suitors ‘homing in on BHS’

Leading the list of potential bidders is Christo Wiese, who is South Africa’s third richest man with a fortune estimated at £2bn.

He has reportedly teamed up with former Asda chief executive Andy Bond.

Others thought to be interested in the struggling UK chain include US private equity firm Apollo and a number of retail turnaround firms, The Sunday Times said.

Sir Philip, whose empire also includes Topshop and Topman, Burton and Dorothy Perkins, bought BHS for £200m in 1999.

The chain has been weighed down by expensive leases and a pension fund deficit.

But it is still a force on the high street with 180 stores and annual sales of £700m.

Mr Wiese is believed to have put BHS at the top of his list of potential British retail targets.

He previously owned Leeds-based Brown & Jackson, which was the home of budget names such as Poundstretcher.