A host of investors from around the world are looking to take a stake the department store chain run by retail tycoon Sir Philip Green.

Christo Wiese, who is South Africa's third richest man, appears to be the front runner for the firm. Wiese has publically said that he is interested in the company and has teamed up with former Asda boss Andy Bond. Mr Wiese will travel to the UK this week to back the bid but it is believed that he is yet to make contact with Sir Green.

There are indications that private equity group Apollo, and corporate turnaround specialists Hilco are also in the line to acquire the retail chain from Sir Philip Green. It is believed that the billionaire retailer has been looking to sell BHS for some time. He has been gradually closing stores and has also introduced products from other businesses including Burton, Wallis and Dorothy Perkins into the supermarket chain.

The company has been struggling in recent years and had recorded a £71m pre-tax loss in the previous year with sale of £700 million. Mr Wiese already owns supermarket chain Shoprite and has a large stake in Pepkor, a South African clothing and footwear business.