Weston family agrees £4bn sale of Selfridges Group

(Sharecast News) - High-end department store chain Selfridges Group has sold for £4bn, it was reported on Thursday, to the privately-held Thailand conglomerate Central Group.
The retailer, which has four stores under its main Selfridges nameplate and a total of 25 globally across five brands, was put on the market by the Canadian family in July.

According to the Times, the Westons had reached a deal with Central Group in recent days, meaning the four Selfridges stores in the UK, along with Ireland's Arnotts and Brown Thomas, the Dutch De Bijenkorf, and Canada's Holt Renfrew, would be changing hands for the first time in 18 years.

At the time the Westons launched a formal auction process in July, the lifestyle magazine Luxury London said the Abu Dhabi Investment Authority and Hong Kong-based department store retailer Lane Crawford were among those interested in the group.

The Weston family's other interests include Canada's largest grocer Loblaws, while its remaining UK holdings include department store Fortnum & Mason and furniture retailer Heal's, as well as a majority stake in Associated British Foods, owned through the Wittington Investments vehicle.

Central Group is also a family-controlled company, with its main operation being 52 shopping centres across Thailand, as well as department store operations domestically and in Indonesia, Vietnam, Italy, Denmark, Germany and Switzerland.