The much-maligned pre-pack administration is back in the headlines, as accountants KPMG assess how to solve a problem like Blacks Leisure.

The latest development is that Dragons' Den judge Peter Jones is a possible knight on a white charger for the outdoor goods business, which has four stores here.

Jones is estimated by the Sunday Times Rich List as being worth £220m and has a business portfolio embracing telecommunications, leisure, property and television. Perhaps a retail chain is what he is lacking.

If Mr Jones, Newcastle United's Mike Ashley through his business, Sports Direct, or JD Sports, are successful bidders, they are expected to buy the chain as soon as administrators are appointed. The identity of a fourth bidder is not clear.

The deal would probably see Blacks Leisure's worst-performing stores closed down and £36m in debt wiped out. And the elimination of huge debts is where pre-packs become controversial, as usually creditors go unpaid and do not have the chance to vote against the sale.

The mystery fourth bidder may be Edinburgh Woollen Mill, which has a track record of snapping up other struggling retailers after coming to the rescue of over 30 Jane Norman stores last year.

Whoever is the lucky bidder, all four are no doubt attracted to Blacks' own brands, like Peter Storm and Eurohike, and other names it sells, such as The North Face.

Its sprawling store estate of nearly 300 outlets is less attractive, and Belfast city centre is a glaring example, where a Blacks Leisure store and a Millets are located cheek by jowl, surely over-saturating the area.

Hence the outcome of the bidding process will be as closely watched in Belfast as anywhere else.