Businessman Mike Ashley is looking to rescue Debenhams a week after the department store went into administration.

Ashley’s Frasers Group has confirmed it is in talks with officials “regarding a potential rescue transaction”.

But Frasers warns it wants to move quickly to close the deal.

In a statement it said:

There is no certainty that any transaction will take place, particularly if discussions cannot be concluded quickly.

“While Frasers Group hopes that a rescue package can be put in place and jobs saved, time is short and the position is further complicated by the administration of the Arcadia Group, Debenhams’ biggest concession holder.”

It’s reported Frasers wants to run Debenhams’ 124 stores on 12-month licences.

Mike Ashley tried to buy Debenhams last April when it first fell into administration.

However, it was taken over by its shareholders.

Retail billionaire Sir Philip Green called in administrators last week to oversee his Arcadia Group – which includes Debenhams.

More than 12,000 jobs are at risk.