A spokesperson for Sir Green said that the fashion luminary has been in talks with a number of private equity firms, and competitors, over the sale of BHS. Exclusivity has not yet been agreed, and bidding remains open – however, a deal could be announced later this week.

One strategy under discussion is to maintain some BHS outlets, and rebrand the arm as a homeware supplier; another is to sell the brand entirely, keeping some outlets for rebranding.

A number of retailers are said to be discussing the prospect of absorbing BHS stores should Green streamline the chain’s 190 outlets. Matalan has been mooted as a leading candidate; the firm has been expanding its high street operations of late, and intends to open branches in central London. A spokesperson for the company has stated that a number of BHS premises would suit its needs.

The announcement follows news last week that both BHS managing director Richard Price, and longstanding Arcadia communications director Tania Foster-Brown would be leaving the group.