The Saudi fund will take a 40% stake in the company that owns Brown Thomas and Arnotts. Photograph: Dara Mac DónaillThe fund said in a statement it had struck a deal with Thailand’s Central Group to jointly own Selfridges Group — the parent company of the two Dublin department stores, as well as Selfridges in London. In total, it owns and operates 18 department stores in the UK, Ireland and the Netherlands.
“Brown Thomas Arnotts confirms that Saudi Arabia’s Public Investment Fund will acquire a minority stake in Selfridges Group, alongside majority shareholder Central Group, reflecting confidence in the business as it continues to expand globally,” said a Brown Thomas Arnotts spokeswoman in a statement.Central Group took over Mr Benko’s stake in November after his Signa Group was forced into a restructuring before it ultimately collapsed.
The deal comes on the heels of what has been a strong year for Brown Thomas Arnotts. Revenues rose by 6 per cent last year to a record €337.3 million but it was dragged into the red by non-cash finance and tax charges relating to a sale-and-leaseback property transaction.Latest accounts for Brown Thomas Arnotts Ltd show it made an operating profit of €7.6 million in the year to the end of February 3rd, 2024. This was up on the €6.3 million figure of a year earlier.