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Department Stores

Thai company eyes Selfridges buyout

The group, which is controlled by the Chirathivat family, is said to be one amongst a ‘number of parties’ which have expressed an interest in acquiring the renowned retail destination

Central Group, a Thai-based company which owns Rinascente, the Italian department store, is reportedly considering entering a multi-billion pound takeover bid for Selfridges, according to Sky News.

The group, which is controlled by the Chirathivat family, is said to be one amongst a “number of parties” which have expressed an interest in acquiring the renowned retail destination.

Sky sources revealed that Central was working with investment bankers at Citi on its interest in Selfridges, although they “cautioned” that there was “no certainty” that a formal bid would come from the Asian group.

Selfridges owners, the Weston Family, were said to be in talks with the Qatar Investment Authority over a potential £4bn sale of the department store chain in October of this year.

The pandemic had a significant impact on the company’s most recent results as for the year to February 2020 Selfridges sales increased 7% to £1.97bn, but operating profits fell 10% to £88m for the same period.

The Westons bought the department store chain back in 2003 for about £600m, following a competitive bidding war with other companies including the former Topshop owner Sir Philip Green.

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