The billionaire dynasty hopes to complete a sale by the end of 2021
The billionaire family owners of Selfridges have kicked off the auction for the luxury retailer with a £4bn price tag.
The Canadian Weston dynasty has appointed advisors from Credit Suisse to oversee the auction, who are reportedly intending to send out sale documents to potential buyers in coming weeks.
Assets for sale include UK stores in London, Manchester and Birmingham, as well as Brown Thomas and Arnotts in Ireland and De Bijenkorf in the Netherlands.
The sale could be completed by the end of the year.
The Westons first raised the possibility of a sale of their European department store assets last month, following the death of patriarch W. Galen Weston, who died earlier this year, having remained at Selfridges’ helm until 2019.
He was succeeded by Alannah Weston as Chairman.
The luxury store was founded in 1980 by Harry Gordon Selfridge and the Selfridges group has been controlled by the Weston family since 2003.