The fallout from the BHS administration saga continues to dominate retail headlines this morning.

A consortium fronted by the brother of former English cricketer Phil Tufnell is close to buying BHS from administration. Greg Tufnell has established Richess Group and promises to invest tens of millions of pounds in the business, which has been starved of investment. It is understood that funding is coming from the Portuguese Dos Santos family. (The Times £)

The Tufnell-led team has emerged as the frontrunner after other parties either submitted lower bids or backed away from a deal. They registered a new vehicle called Richess Group Limited at Companies House on 12 May, with Tufnell, Nick de Scossa, a Swiss banker, and José Maria Soares Bento named as directors. (The Guardian)

A Portuguese-backed consortium is in pole position to save BHS after Matalan founder John Hargreaves and Select Fashions Cafer Mahiroglu retreated from the bid battle. (The Telegraph). Tufnell, a former managing director of Mothercare, is leading a bid to acquire BHS, brightening hopes that a buyer could be found for the collapsed high street chain after some other potential buyers withdrew. (The Financial Times £)

Meanwhile, City firms that played a pivotal part in Sir Philip Green’s decision to sell BHS to a consortium led by an ex-bankrupt will on Wednesday face tough questions from MPs investigating the collapse of the high street chain. Senior executives from Sir Philip’s Arcadia Group told Parliament on Monday that the willingness of accountancy firm Grant Thornton and law firm Olswang to advise Dominic Chappell, a former racing driver and bankrupt with no retail experience, played a key part in persuading Arcadia he was a credible buyer. (The Financial Times £)

The FT’s Lombard column says MPs were “right to get ratty” about the comments from Lord Grabiner about the role of his Taveta company in the BHS saga. It writes: “Taveta was “a private company”, as Lord Grabiner scratchily protested on Monday. That is true. But directors’ statutory duties to exercise care, skill and diligence apply to both private and quoted businesses. Doubtless the peer abided by the letter of the rules. His comments on Monday still suggest “Lord Grabafee” may be an apt nickname.” (The Financial Times £)

Elsewhere, sales on the high street are set to slide in June as shoppers cut back spending before the European Union referendum. After a brief bounce in May recorded in the CBI’s quarterly Distributive Trades Survey, sales are expected to return to April’s downward path. Orders have tumbled at their fastest rate since March 2009 (The Times £). Britain’s retailers are braced for June to be the worst trading month in more than three years as uncertainty over the outcome of the EU referendum weighs on consumers’ appetites for spending. (The Guardian)

Cranswick, the FTSE 250-listed sausage maker, enjoyed an 11pc jump in full-year profits as the expansion into the chicken market accelerates. The food supply company is enjoying rapid growth in sales to Asia, but the Telegraph’s Questor column is concerned the valuation is looking a little overcooked. (The Telegraph)

Wesfarmers, the Australian conglomerate that bought Homebase, the British DIY group and bid for Argos, warned on Thursday that its annual profits would be dented by up to A$2.3bn in write-offs and restructuring charges (The Financial Times £)

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