The former BHS owner, Dominic Chappell, is preparing a bid to buy BHS out of administration.
The administrators have been informed and talks with US based investors are at a "mature" stage, he told the BBC.
Mr Chappell indicated he was interested in buying the whole group minus 40 loss-making stores.
However,
sources close to BHS said the offer had "limited credibility". BHS went
into administration on Monday, putting 11,000 jobs at risk.
So
far the administrators of BHS have received 50 expressions of interest
in the company - some for all of it, most for parts of it.
Mr
Chappell is the majority shareholder of Retail Acquisitions which bought
BHS for £1 last year from Sir Philip Green, and took on a £571m pension
deficit.
On Tuesday last week he moved £1.5m to a company called
BHS Sweden, unconnected to BHS, which was owned by a friend and fellow
board member of Mr Chappell at Retail Acquisitions.
On learning
of this, BHS chief executive Darren Topp demanded its return on
Wednesday and on Thursday it was returned minus £50,000 - to reflect,
said Mr Chappell, the foreign exchange costs.
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