Selfridges It was reported Friday that mystery buyers were reportedly for sale after approaching the business with an offer, or at least their owners were exploring their options.
control Weston The family is believed to be seeking around £ 4 billion for surgery that cost £ 598 million in 2003. According to the report, Credit Suisse is an advisor to this process.
The transaction is not guaranteed and the family has not commented on the report.
This group includes Selfridges department stores in the United Kingdom, Brown Thomas and Arnotts in Ireland, and Debye Encorf based in the Netherlands. It is unclear if the entire group will be sold, but it is believed that UK and Irish stores are part of the negotiations.
React News first reported this story, stating that half the value of the £ 4bn deal was occupied by the group’s real estate, which includes key positions in major shopping hubs.
The company experienced one of the toughest 15 months in the 113-year history of Selfridges’ name after the store was closed for a long time due to a blockade and tourism stopped. As a result, many jobs were reduced last year.
That said, the Group’s profits have more than doubled since Westons took over and increased sales by more than 80%. Sales for the most recently reported fiscal year (12 months before the pandemic) reached £ 1.97 billion.
There are no hints about the identity of mystery bidders, but the approach may have come from outside the UK. The Prestige Department Store in the United Kingdom has been a popular asset for international bidders for many years and is now Harrods, Harvey Nichols And Liberty are all owned by international entities.
Selfridges remains an invaluable asset despite last year’s problems. It is a destination retailer and is attractive to international visitors when the tourism industry is functioning properly.
This group is owned by the Weston family through Wittington Investments. Business-savvy sources told FT that it’s amazing that families are enjoying the sale, but that the company is heavily dependent on international tourism and can take some time to recover. It may be behind the willingness to participate in the negotiations.
Executives also said a sale to a sovereign wealth fund or a mega-rich individual was more likely than a private-equity acquisition.
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Selfridges owners are reportedly considering selling for a £ 4 billion price tag
Source link Selfridges owners are reportedly considering selling for a £ 4 billion price tag