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Department Stores

Selfridges owners considering £4bn sale

It is thought the group will be seeking bids in the value of over £4bn with any deal including its flagship London store and outlets in Manchester and Dublin

The owners of Selfridges department store, The Weston family, are reportedly considering a £4bn sale of the property.

According to reports first revealed by React News, the Weston family have been approached by an unknown buyer and have lined up Credit Suisse as advisers to explore a potential sale.

It is thought the group will be seeking bids in the value of over £4bn with any deal including its flagship London store and outlets in Manchester and Dublin.

The news comes after Selfridges endured the “most difficult year” in its 113-year history due to the impact of the coronavirus pandemic.

The chain of luxury department stores was reportedly kept afloat through growing sales in 2019 and investing in e-commerce.

Anne Pitcher, managing director at the group, confirmed to the Times at the time that the business’ success in 2019 “allowed us to be so resilient in 2020” as online sales also partly offset store closures.

The year to February 2020 saw Selfridges sales increase 7% to £1.97bn, but operating profits fell 10% to £88m for the same period.

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