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Thai investor takes control of Selfridges

Earlier this month, it was reported that the future ownership of Selfridges was uncertain following reports that Signa was facing a financial crisis

Central Group, the co-owner of Selfridges, has taken control of the department store after fellow key shareholder Signa Group was hit by a cash crisis. 

According to The Telegraph, the Thai conglomerate has now become its largest shareholder after converting a €364m (£317m) loan to Selfridges into equity.

Earlier this month, it was reported that the future ownership of Selfridges was uncertain following reports that Signa was facing a financial crisis. 

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Restructuring experts were reportedly called in to help the real estate company raise funds after it was hit by rising borrowing costs and falling property valuations. 

At the time, The Times said Central Group was the most likely buyer for the store. 

Signa Group jointly acquired Selfridges alongside Central Group in a £4bn deal that was finalised last year. Signa previously held a 50pc stake in the business.

A Selfridges spokesperson told Retail Sector: “This does not change anything for Selfridges. Selfridges trades independently of any support from its shareholders.

“We are delighted to have the ongoing and unwavering support of Central Group. We are very focused and excited by the Christmas period and welcoming our customers into our stores for an exceptional experience.”

The Telegraph said Signa is expected to remain a significant minority shareholder.

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