Thai investor eyes Selfridges expansion amid Signa storm
Central Group is reportedly eyeing more influence over Selfridges amidst a flurry of financial chaos for co-owner Signa.
Central, a Thai multinational with retail, property, brands, hospitality, and F&B arms, is understood to be keen to increase its stake in Selfridges, according to the Sunday Times.
The conglomerate acquired Selfridges last year in a £4bn joint deal with Austrian company Signa, which burdened the two firms with roughly £1.7bn in debt.
Now, Signa may have to sell the stake after its Prime Selection unit, which co-owned Selfridges, filed for insolvency last week.
Reports have suggested that most of the assets from the Signa division that co-owned Selfridges, valued at €19.3bn (£16.8bn), will be liquidated to repay creditors.
Last month, Signa filed for insolvency as an eleventh-hour fundraising attempt failed.
Once a property powerhouse, higher interest rates and falling commercial property values have floored the group. Boss Rene Benko has also suffered personal setbacks.
A Selfridges spokesman told the Sunday Times this “does not change anything” for the retailer.
“Selfridges trades independently from its shareholders. We are very focused on continuing to welcome customers into our stores for an exceptional experience,” they added.
According to recent filings, Selfridges is in discussions with Central for fresh capital injection in an effort to manage existing debt.
Central declined to comment to The Sunday Times. It did not immediately respond to City PM’s request for comment.