New BHS owner seeks to reassure suppliers and credit insurers that store is in safe hands

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The new owner of department store BHS is talking to top suppliers and credit insurers in a bid to place the business on a sure footing after this month’s surprise acquisition from Sir Philip Green.

The new team, spearheaded by interim chief executive Darren Topp, wants to reassure suppliers and their trade insurers that the financial arrangements and business plan are sound.

Trade insurers cover unpaid invoices sent by suppliers to retailers.

Reassurance: BHS is thought to be confident that its suppliers will continue to receive cover

It is thought that credit insurers placed the chain ‘under review’ after Green announced in January that he planned to sell the business. Reviewing a retailer’s status is typical when a change of ownership has been announced.

BHS is thought to be confident that its suppliers will continue to receive cover.

The acquisition was led by chairman Keith Smith, whose past experience has been with much smaller firms, alongside businessman and former motor racing driver Dominic Chappel.

The fact that the new owners are relative unknowns has unnerved many in the industry, but this week BHS chief operating officer Topp was made the interim boss. Topp is believed to want to continue many of the strategic changes begun under Green.

He also wants to bring in new fashion and homewares brands and widen the grocery concession division which is currently restricted to only a few stores.

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