Selfridges is being reportedly purchased by the Qatar sovereign wealth fund.
The Qatar Investment Authority emerged as the top-runner to buy the company from its billionaire owners. The Mail on Sunday reported, citing sources familiar with the negotiations.
According to reports, the talks included the possibility of purchasing only Selfridges departmental stores and not other businesses such as Brown Thomas and Arnotts (Ireland), Holt Renfrew (Canada) and de Bijenkorf (Netherlands).
However, the talks are not exclusive and there is the possibility that another bidder could take over the company.
Owners of Selfridges eye price tag of 4 billion pounds
This follows reports that Selfridges’ billionaire owner set up a formal auction. Credit Suisse advisers were called in to assist with the “immediate” sending of information memoranda for potential buyers.
According to reports, the Weston family was seeking at least 4 Billion Pounds for the sale and believed a deal could be reached by the end the year.
Harry Gordon Selfridge founded Selfridges in 1908 and it was bought by the Weston family for 598 million pounds in 2003.
Two years ago, the Selfridges group was handed over to Alannah Weston by the late WG Galen Weston.
Selfridges, like many other physical retailers was hard hit by the pandemic. The company announced in July that it would reduce its workforce by 14%, or approximately 450 positions, to lower costs.