Luxury retail chain owned by Canadian billionaire Weston family is considering sale after receiving multi-billion pound offer
The billionaire dynasty behind Selfridges is considering a sale of the iconic retail business after receiving an unsolicited approach of £4bn.
The unconfirmed buyer is said to have valued the luxury department store’s property assets at £2bn, which includes Selfridges’ 540,000sqft London, UK, outlet, as well its Manchester and Birmingham stores.
According to reports, Selfridges has brought Credit Suisse on board to advise on the potential sale; but talks are thought to be in the very early stages.
Cosmetics Business has reached out to Selfridges for comment.
The Weston family, one of Canada’s richest families, who are estimated to be worth in the region of £10.5bn, according to The Sunday Times Rich List, and are also the proprietors of Primark, snapped up Selfridges for £600m in 2003; 95 years after its establishment by Harry Gordon Selfridge in 1908.
The family’s patriarch, W. Galen Weston, who remained at Selfridges’ helm until 2019, died earlier this year after a long illness.
Alannah Weston succeeded her father as the business’ Chairman.