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27th Jul 2021

Brown Thomas and Arnotts are included in the Selfridges sale

Sarah McKenna Barry

The sale has been valued at £4 billion.

Irish department stores Brown Thomas and Arnotts will be included in the sale of Selfridges, which will go to auction soon.

The Weston family, who own Selfridges, have begun the process of auctioning the two businesses. Selfridges’ advisor, Credit Suisse, will seek a buyer for the company, which is valued at £4 billion.

Documents pitching the stores’ value to potential bidders will be sent out later this year.

According to reports, a formal bid for the business has not yet been made, but a number of parties have already expressed interest in the Selfridges sale.

As well as Brown Thomas and Arnotts, Selfridges run 25 businesses around the world. The company was founded over 100 years ago, but the Weston family have controlled it since 2003.

News of the sale of Selfridges first broke a month ago, after an unnamed bidder approached the family expressing interest in buying the business.

While Selfridges has seen some strong performance over the last few years, the Covid-19 pandemic had an impact on the business.

Last year saw the company cut 450 jobs in what was described as their “toughest year” in history.