- Alsha Coppolina |
Department store group Selfridges is reportedly considering selling the business for 4 billion pounds.
Various reports revealed the Weston family has consulted advisers from Credit Suisse to explore the potential sale after receiving an unsolicited bid.
The sale of Selfridges would include branches located in Manchester and Birmingham along with Brown Thomas and Arnotts in Ireland.
The sale price also reportedly includes 2 billion pounds in property assets such as the historic flagship store on Oxford Street in London.
It’s believed the buyer could be from China or the Middle East, as Qatar Holdings acquired the popular UK department store Harrods in 2010.
Selfridges went private in 2003
The department store was founded in 1908 by Harry Gordon Selfridge and was purchased in 2003 by the Weston family in a 598 million pound deal.
The late WG Galen Weston handed the reins of the Selfridges group to his daughter Alannah two years ago. The family has pumped millions into the company over the past 18 years to ensure it is at the forefront of luxury retail.
Since the pandemic, Selfridges has implemented a string of initiatives including outdoor spinning classes, a rooftop bar, and a new online fashion rental service. The Oxford Street location also opened a cinema, a champagne bar and has secured a license to host weddings.