Auction for Selfridges to get underway
Selfridges 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.