Will Theo Paphitis save Woolworths?

Theo Paphitis, one of the entrepreneur panelists on the BBC television series Dragons' Den, is among a pack of potential bidders who are circling the high street chain Woolworths, which collapsed last week.

The tycoon and former chairman of Millwall Football Club (pictured) is reported to have met Deloitte, the retailer's administrator, at the weekend and discussed taking over Woolworths' high street stores, rather than EUK, the arm which distributes CDs and DVDs to retailers.

Paphitis, 49, is used to taking on ailing concerns, owing some of his estimated £100m-plus fortune to turning round the stationery chain Ryman. His biggest success, however, was with the lingerie chain La Senza, which he sold to private equity investors for £100m in 2006 - eight years after buying it for a pound.

But those close to the tycoon say Woolies staff shouldn't get their hopes up too much. Said one: "He looks at everything."