Selfridges’ owners the Weston family are reportedly in talks with Qatar about a potential takeover of the iconic department store chain.
The nation of Qatar’s sovereign wealth fund has emerged as the frontrunner to acquire Selfridges from the Weston family.
Sources close to the situation told The Mail on Sunday that the Qatar Investment Authority, which has also owned Harrods since 2010, is leading the charge of potential bidders, although a buyer has not yet been decided upon.
Other bidders reportedly in the running include Saudi Arabia’s public investment fund Adia and Hong Kong based department store operation Lane Crawford.
The Weston family launched an auction for Selfridges in July and has appointed Credit Suisse to oversee the sale.
It is understood that the family is seeking a buyer for Selfridges’ stores in London, Birmingham and Manchester, as well as for Brown Thomas and Arnotts in Dublin, De Bijenkorf in the Netherlands and Holt Renfrew in Canada.
The Westons have owned Selfridges since 2003. The chain now has 25 stores globally and half the value of a takeover deal would comprise its £2bn of property assets.
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