Selfridges for sale: Iconic department store goes on market for £4billion💥👩💥💥👩💥

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elfridges’ billionaire owners, the Weston family, have launched a formal auction to sell the historic department store business.

It is understood that advisers at Credit Suisse will start looking for a buyer, with the company valued at as much as £4 billion.

They will send out information memoranda – documents used to pitch the target to potential bidders – to begin the process, which could be completed by the end of the year.

It is understood that no formal bid has yet been tabled but a small number of parties have already expressed potential interest with sovereign wealth funds of Abu Dhabi, Saudi Arabia and Qatar all named possible bidders alongside Hong Kong’s Lane Crawford.

The Qataris already own Selfridges’ arch rival Harrod’s, which was bought from Mohamed Al Fayed in 2010 for £1.5billion, and both stores are popular with Middle Eastern shoppers.

Selfridge’s runs 25 outlets worldwide, including its flagship Oxford Street store and Birmingham site within the Bullring.

The firm was founded in 1908 but has been controlled by the Weston family since 2003, who took it private in a fiercely fought £600 million takeover.

The deal was led by W Galen Weston, who died in April aged 80 having stepped down chairman of Selfridges Group two years earlier to make way for his daughter Alannah Weston.

Couples can get married at Selfridges (Selfridges/PA)

Selfridges has performed strongly in recent years, despite a wider downturn in the department store sector which has seen the collapse of Debenhams and declines at major rivals.

Meanwhile, Selfridges has seen a surge in profitability over the past decade as it has been boosted by heavy investment in stores.

Nevertheless, the group was hit by the enforced closure of sites during the pandemic.

Ani-mall: outside the Bullring in Birmingham

A year ago, the company cut some 450 jobs, around 14% of its total headcount, following the “toughest year” in its history.

It will now face the significant challenge of weakened footfall and fewer tourists in key areas, such as Oxford Street.

Selfridges for sale: Iconic department store goes on market for £4billion

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