Mr Topp; BHS planned 'new status' for the brand

The turnaround plan for the ailing store is "very clear", and includes rebranding the business and introducing food, he said.

In 2013-14, it made a cash loss of £21m, compared with a loss of £19.3m the previous year.

One analyst said BHS had room to make changes, but it needed a more exciting clothing range.

'Reinvigoration'

Morrisons re-band chain of Convenience stores

It said the buyer was a team led by the retail entrepreneur Mike Greene, funded by Greybull Capital.

The shops will be rebranded as "My Local". The 2,300 staff will be kept on, with an extra 200 jobs to be created by reopening 10 shops that are currently closed.

Morrisons announced a review of its convenience store business in March.

The announcement came as it reported an annual loss of £792m.

It now plans to concentrate on its core supermarkets business. It will keep five of its M local shops that are either on petrol forecourts or can be converted into small supermarkets.