BHS collapse: Lifeline funds failed to arrive in time to save retailer

Lifeline cash that could have rescued BHS failed to materialise at the last minute yesterday, forcing administrators to wind down the business instead, it has been claimed.

Mystery surrounds the rescue deal which administrator Duff & Phelps believed to have been virtually sewn up but was then suddenly halted.

One of the directors at Richess Group — Portuguese financier Jose Maria Soares Bento — was set to transfer as much as £25 million yesterday to save the retailer, sources said.

Bento, who could not be reached for comment, was working with ex-Mothercare director Greg Tufnell — brother of former England cricketer Phil — and former Credit Suisse banker Nick de Scossa.

But money failed to materialise and, according to insiders, there was “no further contact”.