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Auction for Selfridges to get underway

Selfridges Oxford Street East CornerSelfridges may have a new owner by the end of the year after a formal auction process was initiated.

The group’s owner the Weston family has instructed Credit Suisse to distribute information memoranda to potential buyers, with bids expected to start at £4bn, according to The Times.

The process follows an unsolicited approach to buy Selfridges, which emerged last month.

Selfridges’ property assets alone are worth £2 billion, and pre-pandemic profitability had increased strongly over the previous decade.