Selfridges could close four billion pound deal with Thailand Central Group

Luxury department store Selfridges is reportedly close to closing a four billion pound deal with Thailand’s Central Group, with an official announcement supposedly to come in a matter of days.

Word on the acquisition has been floating around since the start of December, following a report by The Times that stated the current owners of the retailer, Canada’s Weston family, had agreed on terms with Central Group in November.

Following the report, an associate from a retail subsidiary of the firm denied the news, stating at the time: “The company would like to clarify that the company is not currently involved with the transaction reported in the news.”

Reports yet to be confirmed

New information issued by Reuters has now come to light, with source’s close to the media platform stating a deal is on the verge of closing. According to the publication, the Thai group’s main department store unit, Central Retail Corp Pcl, could potentially take a partial stake in Selfridges, however was still mulling the offer.

Additionally, The Times also reported on the possible finalisation of the acquisition, further announcing that Central Group had possibly linked with Austria’s Signa Group for the deal.

Both Central Group and Selfridges have not yet responded to requests for comment, at this time.

Speculation regarding the sale has been growing since initial reports in June, which suggested the family had already received a four billion pound takeover offer for its UK properties.

The Weston’s took over the retailer back in 2003, for 598 million pounds, driven by Galen Weston, who died in April this year.