Selfridges for sale for £4bn

 

According to Billionaire Weston family and  49-year-old Alannah Weston, chairman of Selfridges Group, a sale deal  managed by Credit Suisse, would include Selfridge’s landmark London Store, one of the world’s  most famous department stores for £4bn.  

The Weston Family  whose net worth of £11bn,  whose portfolio includes Primark, Twinnings, Jordans and Ryvita, acquired Selfridges in 2003 for £598 million in a sale led by billionaire Canadian businessman W. Galen Weston. The announcement of the auction comes just weeks after his death and sources say he would have opposed the sale. Weston who once said “ To be a retailer is an addiction” and often showed up unannounced to inspect the store  founded by flamboyant businessman Harry Gordon Selfridge in 1908 with over 60, 000 square feet emporium on Oxford Street accompanied by stores in Birmingham, Manchester and Dublin. Selfridges also owns Holt Renfrew in Canada and de Bijenkorf in the Netherlands.

Selfridges revenue were up seven per cent to £1.97 billion, as the department has remained resilient investing in online capabilities, although it partnered with Dior on a new rooftop restaurant and began offering on-site weddings.

Potential bidders include Middle Eastern sovereign wealth funds such as the Abu Dhabi Investment Authority and the Public Investment Fund of Saudi Arabia. The Qataris already own Harrods. Lane Crawford, the Chinese department store business based in Hong Kong is also very much interested.