The billionaire dynasty behind the U.K.’s Selfridges & Co., has reportedly been approached by a potential buyer to purchase the British department store group for $5.66 billion USD ($4 billion GBP).
The Weston family has supposedly asked Credit Suisse to advise the group on the future of the business, which includes its flagship emporium in central London‘s Oxford Street. Other stores are located throughout Ireland under different names. Discussions regarding the sale are still at an early stage and may not even lead to a transaction. However, it does give the Selfridges empire an idea of a sale price they could ask for any future opportunities.
The retailer was first founded in 1908 by Harr Gordon Selfridge. In 2003, Canadian businessman Galen Weston bought the business for almost $850 million USD and has since expanded to include other department store chains like Holt Renfrew in Canada, Arnotts and Brown Thomas in Ireland and de Bijenkorf in the Netherlands. Though that is the case, the holdings outside the U.K. and Ireland are not expected to be included in the proposed sale.
Around the world, the Weston family has garnered a formidable reputation in retailing. Split into two branches, the Canadian wing controls Selfridges while the U.K. side deals with Associated British Foods PLC, the owner of Primark.
It remains to be seen if the deal will go through.
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