Woolworths potential rescuers reportedly circle

30/11/2008 - 12:58

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LONDON (Reuters) - Woolworths' administrator Deloitte has received more than a dozen inquiries from private companies and individuals interested in rescuing the retailer, according to newspaper reports.

Property magnate Ardeshir Naghshineh, who owns a 10 percent stake in the company, plans to bid for the whole group and turn it into an employee-owned business, said the Sunday Times.

Naghshineh said on Wednesday that he was "deeply disappointed" that the company had gone into administration. He had outlined a plan which would see Woolworths sell leases to bring in cash.

Entrepreneur Theo Paphitis, best known for turning around faltering retailers and for his role on BBC TV show 'Dragon's Den' is also said to be considering a bid.

The Observer said Deloitte had been "inundated" with interest, and that there were about 10 "serious" buyers.

The well known high street chain, which sells everything from sweets and childrens' clothes to DVDs and stationery, put its retail and distribution businesses into administration on Wednesday.

(Reporting by Rosalba O'Brien; Editing by Richard Hubbard)

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