Selfridges owner plans £ 4bn sale of famous retail group

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The Selfridges department store company could be sold, with offers of more than £ 4 billion potentially sought after, under plans being considered by the family behind the business.

The Weston family, who have a net worth of £ 11 billion in the latest Sunday Times Rich List, have asked Credit Suisse for advice on the future of the business after receiving an unsolicited approach, React reported News.

The property news website added that it is understood that offers above £ 4bn are likely to be sought for the entire company, with its real estate assets amounting to some £ 2bn.

According to the report, the proposed sale would include the UK and Irish business, which includes the West End flagship store and stores in Manchester and Dublin. Selfridges also rents certain sites.

Department stores have been under pressure from online competition and changing shoppers’ trends, while the pandemic has hurt many chains in the form of closings during closings.

Meanwhile, footfall in central London is still suffering as many tourists and office workers stay away.

But Selfridges continued to offer other ways to attract customers, investing online until last month, saying a newly acquired marriage license will allow ceremonies to be held at its grade II listed building on Oxford. Street for a limited time this year. Meanwhile, the rooftop restaurant, Alto, has been transformed for the summer by Dior.

Store founder Harry Gordon Selfridge opened the London outlet in 1909.


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