Dragons’ Den Theo Paphitis has withdrawn his bid to take over parts of the ailing high street retailer. Woolworths is currently in administration by consulting firm Deloitte. Although Woolworths has collapsed, lucrative parts of the business still remain an attractive proposition for investors. Potential investors’ interest focus on Woolworth’s high street stores and its CD and DVD distribution business, Entertainment UK.
With Paphitis’ withdrawal, a rescue package for Woolworths seems less likely. However Neville Kahn from Deloitte remains confident of a Woolworth’s sale saying they have received ‘substantial expressions of interest’.
