Selfridges put up for sale, owners seek at least 4 billion pounds

The billionaire owners of iconic British department store Selfridges have reportedly put the business up for sale.

The Weston family has kicked off a formal auction of Selfridges and has called in advisers from investment bank Credit Suisse who will “imminently” send out information memoranda to prospective buyers.

Two or three suitors have already expressed interest, but no formal bid has been made, sources told The Times.

Selfridges could have new owners by end of year

The Weston family is reportedly seeking at least 4 billion pounds for the sale, and hopes a deal could be struck by the end of the year.

Selfridges was founded in 1908 by Harry Gordon Selfridge and was purchased in 2003 by the Weston family in a 598 million pound deal.

The reins of the Selfridges group were handed over from the late WG Galen Weston to his daughter Alannah two years ago.

Today, the company has 25 stores worldwide, including on Oxford Street and at the Bullring in Birmingham.

Like many physical retailers, Selfridges was hit hard by the pandemic. In July last year, the company announced it would be cutting its workforce by 14 percent - or around 450 roles - to cut costs.