THE House of Sher is on the market for almost £1million.

And the debt-ridden Glasgow cash and carry has attracted so many potential buyers that a closing date of Wednesday February 13 has been set for bids.

The deadline has been set by insolvency expert Ian Wright, who was appointed by directors last month when they decided to put the business into administration.

Crippling debts of around £1m, a dramatic drop in customers in recent years and the growth of online shopping have all been blamed for the collapse of a business.

But within 72 hours of the doors closing a number of potential buyers had expressed an interest in the four-storey building in Wallace Street, Tradeston.

Mr Wright, of Glasgow-based WRI Associates, today told the Evening Times, more than 20 parties are interested in the business.

He said: "I'm not surprised by the level of interest. But I am surprised at the quality of interested parties.

"The response has been really good, so much so that we have set a closing date for bids of noon on Wednesday.

"The guide price is £850,000. It's an iconic building, it's known to a lot of people, its spacious and it's located near the motorway."

There was speculation that house builders would be among the bidders.

It is known that a number of property developers over the years had repeatedly tried to persuade the owners to sell, while council planners said they would consider any application for a change of use from business to residential.

A major makeover to transform the building into offices is also seen as a viable option.

There's also speculation that the directors of the Sher Group will also table a bid.

The House of Sher was a subsidiary of the Sher Group, which includes a number of Sher Brothers cash and carry businesses.

Trade sources suggest that Sher Group executives – members of one of Glasgow's oldest Asian families – are keen to acquire the building to showcase Asian businesses.

It's understood that the group had ploughed thousands of pounds into House of Sher in recent times in a frantic attempt to save the business but, with a rates bill of around £100,000 due to be paid next month, a decision was taken to cease trading.