Opinion: Why is Mike Ashley bidding for BHS and Austin Reed?

But how seriously should these moves be taken? And what might the struggling retailers look like in future if controversial billionaire Mike Ashley got his hands on them?

The Sports Direct founder said he would keep on staff at BHS and save its stores if a deal went through. However, analysts have poured cold water on the idea that BHS can be kept as a going concern, such is the extent it has fallen out of favour with shoppers.

In the case of Austin Reed the rationale of keeping it trading in its current format makes more sense.

But again, this would be a significant challenge.

More likely, what is foremost in the Newcastle United owner’s mind is the property opportunity that each chain offers.

Some BHS outlets would fit neatly with Sports Direct’s new larger format stores that have opened in Leeds and Glasgow. Other stores could potentially even be used to extend Ashley’s Mega Value format.

Meanwhile, the Austin Reed stores could offer a chance to push Ashley’s premium offer, Flannels. 

If the maverick entrepreneur were to save either chain, clearly the opportunity to present himself as a saviour would be there.

Sports Direct has faced a wave of negative publicity after a number of high-profile exposés over the retailer’s alleged employment practices.

The spotlight on its working conditions has even driven MPs to launch an investigation, which its founder has so far refused to give evidence to.

Trading has also been tough for Sports Direct, which led the retailer to issue a profits warning in January.

Peel Hunt analyst Jonathan Pritchard is not convinced that Ashley’s bids for BHS and Austin Reed are driven by a desire to rescue his battered reputation. “He’s driven by hard return on investment,” says Pritchard. “It [being portrayed as a saviour] would be a bonus on the side.”

With Ashley’s football club heading for relegation, the chance to reaffirm his credentials among retail’s premier league is clearly tempting. But with more than 50 bidders for BHS, there could be many twists and turns before the final whistle.