Image: Brian Robert Marshall Image: Brian Robert Marshall

Former BHS owner, Dominic Chappell, is set to launch a bid to take the troubled retailer out of administration.

Mr Chappell, who has himself been embroiled in controversy since the company went into administration, is the majority shareholder of Retail Acquisitions, which relinquished control of the company when it filed for administration.

Mr Chappell told the BBC that he had informed administrators of his intention to launch a bid, following talks with US investors that are at a "mature" stage.

Administrators said they have received interest from 50 parties, some of which are interested in buying the entire business, but most are looking to buy parts of it. Dominic Chappell plans to bid for the whole company, excluding 40 loss-making stores.

Last week, Mr Chappell moved £1.5 million to BHS Sweden, a company with no affiliation to BHS, despite its name, owned by one of his friends and fellow Retail Acquisitions board member. BHS chief executive Darren Topp soon demanded the money be returned. And it was a day later, minus £50,000 due to exchange rates.

'Strip Sir Philip's knighthood'

One Labour MP, John Mann, who sits on the Treasury select committee, called for Sir Philip Green, the billionaire retail tycoon who sold BHS for just £1 last year, to return £400m worth of dividends he'd received from BHS. Failure to do so, Mr Mann claimed, should result in Sir Philip's knighthood being stripped from him.

Mr Green is likely to face questioning by the Work and Pension committee over BHS' sizeable £571m pensions deficit.