The man who led a management buy-out of Edinburgh Woollen Mill 15 years ago is said to be ready to snap up part of the collapsed BHS store chain.

Publicity-shy billionaire Philip Day and his family now own 100per cent of the EWM empire of over 1000 stores, which now includes over 400 Peacocks shops rescued from administration of that chain in 2012, as well as the Ponden Mill and Jane Norman brands.

Reports suggest Mr Day is mulling a bid for some of the 164 BHS outlets and might retain the brand. Analysts see a cherry-picking of stores by bidders as the most likely outcome.