Westons sell iconic retailer Selfridges to Thai-Austrian group
BNN Bloomberg
The billionaire dynasty behind Selfridges & Co. has sold the British department store operator to a consortium led by Thai conglomerate Central Group in one of the biggest U.K. retail deals for years.
The billionaire dynasty behind Selfridges & Co. has sold the British department store operator to a consortium led by Thai conglomerate Central Group in one of the biggest U.K. retail deals for years.
The Weston family said Central Group, which is owned by the Chirathivats, one of Asia’s wealthiest families, and Signa Holding of Austria, have formed a joint venture to buy the retail group. Central and Signa will own the chain in a 50-50 partnership, according to a statement late Thursday London time.
No price was disclosed but Bloomberg previously reported the Weston family was considering a 4 billion-pound (US$5.4 billion) approach and had appointed Credit Suisse as an adviser in June.
Selfridges, founded in 1908 by Harry Gordon Selfridge, is best known for the giant store on London’s Oxford Street that has long been a mecca for fashion enthusiasts. There are also Selfridges stores in Manchester and Birmingham.
The business was bought by the Canadian businessman Galen Weston for almost 600 million pounds in 2003 and has since expanded to include other department store chains, including Arnotts and Brown Thomas in Ireland, Holt Renfrew in Canada and de Bijenkorf in the Netherlands.
The sale to Central and Signa doesn’t include Holt Renfrew, which will remain with the Weston family.
