Statement regarding the appointment of Duff & Phelps as administrators of BHS:
Philip Duffy and Benjamin Wiles, Managing Directors at Duff & Phelps have today been appointed Joint Administrators of BHS (The Group). The Group has been undergoing restructuring and, as has been widely reported, the shareholders have been in negotiations to find a buyer for the business. These negotiations have been unsuccessful. In addition property sales have not materialised as expected in both number and value. Consequently, as a result of a lower than expected cash balance, the Group is very unlikely to meet all contractual payments. The Directors therefore have no alternative but to put the Group into administration to protect it for all creditors. The Group will continue to trade as usual whilst the Administrators seek to sell it as a going concern.
Further announcements will be made as appropriate in due course.
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