Christo Wiese, a retail tycoon based in South Africa, looks likely to make a move into the UK market, following the creation of Pepkor UK, a shell company named after Mr Wiese’s clothing and footwear group which operates stores in Europe and Australia. Former Asda chief executive Andy Bond and his business partner Mark Elliott have been appointed to run the new business.

Mr Wiese was previously linked to a potential bid for Sir Philip Green’s BHS chain and is the former owner of Brown & Jackson, the Leeds-based retailer behind budget retail chains such as Poundstretcher.