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Central Group is reportedly interested in increasing its control of luxury department store Selfridges as its co-owner Sigma faces financial difficulty, according to The Sunday Times.
The Thai conglomerate is looking to increase its stake after Sigma’s Prime Selection unit, the division that co-acquired Selfridges in a £4bn deal last year, filed for insolvency over Christmas.
Reports suggest that its Prime Selection Unit may have to liquidate a significant chunk of its assets, worth over €19bn (£16.7bn), in order to pay its creditors. As such its stake in Selfridges is likely to be up for grabs.
Last month it was reported that Central had become its largest shareholder after converting a €364m (£317m) loan to Selfridges into equity.
At the time a Selfridges spokesperson told Retail Sector “This does not change anything for Selfridges. Selfridges trades independently of any support from its shareholders.
“We are delighted to have the ongoing and unwavering support of Central Group. We are very focused and excited by the Christmas period and welcoming our customers into our stores for an exceptional experience.”
The Sunday Times reported that Central declined to comment on reports.
