A BILLIONAIRE is reported to be working on a surprise bid to rescue fashion chain Peacocks from administration.

Peacocks, which has 563 stores and 48 concessions, and parent company the Peacock Group, collapsed last month.

It was reported over the weekend that Alshair Fiyaz, whose family wealth is estimated at £3 billion, is working with Danish investment fund Solstra Capital, which is expected to submit a second-round bid for Peacocks today.

Peacocks has branches in Hanley, Longton, Congleton and Newcastle.