Allders ex-boss lines up £50m stores bid

FORMER Allders chief Harvey Lipsith is understood to have secured backing from American private equity firm Sun Capital Partners for a £50m bid for a dozen of Allders' best sites.

The retail executive, who left the collapsed department stores chain two years ago, will face stiff competition from, among others, Bhs billionaire Philip Green, privately-owned department stores group Debenhams, House of Fraser and discount chain Primark. All are keen to acquire sites following the decision of the administrators to break up the group and sell off parcels of stores.

A £70m offer from Jon Moulton's private equity firm Alchemy for the whole 45-store group was rejected last week and it has since emerged that as many as 10 stores attracted little or no interest from potential buyers. These include the huge store at the Marble Arch end of Oxford Street, opened only a couple of years ago, and stores in Reading, Chelmsford and Kingston-upon-Thames.

These are still trading but have already begun 'closing-down sales'. However, they would still be sold if any bidders were to come forward immediately.

No redundancies have yet been made at the 10 stores, which employ a total of up to 700 people. Thirty-six bids have been received for various stores, and administrators Kroll said detailed negotiations are under way. The sales will be completed as soon as possible, they added.